Confusion abounds between the terms long term disability and long term care insurance. Many employees with long term disability insurance through their employer believe they have long term care insurance — they don’t understand the difference between the two. Disability insurance, short or long term is intended to replace income lost by the ability to work. Disability insurance only applies to individuals who work; once you retire disability insurance no longer applies. This is where long term care insurance takes over. Long term care insurance pays for your care when you become chronically ill and need assistance with activities of daily living that include bathing, continence, dressing, eating, toileting and transferring. Medicare or other health insurance after age 65 does not pay for long term care. If you don’t have insurance you pay for your care up to rates of $70,000 annually for skilled care. Didn’t save enough? Then Medicaid or public assistance is the route you’ll take. Do yourself a favor, look into Medicaid and see what and how it provides. You’ll decide that long term care insurance is a much better alternative to give you the choice of how and where you’ll receive care when you need it in your latter years.

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