Long-Term Care Insurance in Connecticut.
The Cafro Agency can talk to you when you have questions about Long-Term Care Insurance. Long-term care is assistance you or a loved one may need over an extended period of time to manage a chronic condition, or help performing daily activities. This ‘custodial care’ that provides assistance with bathing, dressing, eating, or monitoring because of deterioration in mental capacity, is not covered by health insurance. Long-term care is not just needed by the elderly.
Long-term care insurance can be very expensive, because the cost of care in Connecticut may be more that $400 per day in a semi-private room in a nursing facility, or $154,000 per year.
Long-term care can be provided in a variety of settings, including your home, in the community (for example, an Adult Day Care Center), a nursing facility, and in a variety of assisted living settings (such as, Continuing Care Retirement Communities, Residential Care Facilities, and Assisted Living Facilities).
Health Insurance will not pay for the majority of long-term care. Medicare and other health insurance plans cover mostly acute medical needs. Medi-Gap (Medicare Supplemental) plans are designed to cover co-payments and deductibles under Medicare, not long-term care costs.
While Medicaid (the federal and state health insurance program for the poor) will pay for nursing facility care and some home care, you must be poor in order to qualify for assistance. For example, a single person can have no more than $1,600 in assets to qualify for Connecticut’s Medicaid program.
National studies have concluded that the risk of needing long-term care is high. Based on a study conducted in Connecticut, the average nursing facility stay in Connecticut is 2 1/2 years. This means the average financial risk for nursing facility care can be over $385,000. To have your questions answered about long-term care insurance in Connecticut, call the Cafro Agency at 860-779-DAVE.