Financial Advisors

No. Unfortunately, private insurance and government programs do not provide adequate long-term care coverage for the following reasons:

1. Private insurance typically only covers a very small amount of long-term care costs. In the case of Disability insurance, the costs of long-term care are not covered. You can only receive payment for income missed while out of work, not additional services needed due to the disability.



2. Medicare covers "skilled care" not "custodial care" costs. And, since the majority of long-term care is classified as custodial care (especially nursing home care), Medicare will not cover the expenses.



3. Medicaid is a federal/state-funded medical assistance program for low-income individuals. Typically, an individual must have a monthly income of less than $579 ($869 for a couple) and less than $2,000 in assets ($3,000 for a couple) to qualify.¹Plus, the majority of your income must go to their long-term care costs.

The reality is that private insurance and government programs may not cover your costs if you need long-term care. Fortunately, your H&R Block financial advisor may be able to help you formulate a more affordable and effective long-term care strategy. Call 1-866-295-7912 to schedule a complimentary long-term care insurance review today.