Supplemental Medical (Medigap) & Disability
If you can afford Long-Term Care Insurance, you should probably consider it. Why? Because the cost of long-term care, should you need it, can quickly deplete your life’s savings. For instance, having a home health aide visit just three days a week can cost more than $20,000 annually. Full-time nursing home care, the most expensive type of care, now averages $69,000 to $78,000 per year. In some regions of the country, like the Northeast, the cost may be twice that amount.
If you have a job, you most likely need Disability Insurance. The possibility of a disabling illness or injury may seem remote, but statistics paint a different picture. Nearly one in three women can expect to suffer a disability that keeps them out of work for 90 days or longer at some point during their working years. For men, the odds are about one in four. And one worker in seven can expect to be disabled for five or more years before retirement.
A Medicare supplement (Medigap) insurance can help pay some of the health care costs that Original Medicare doesn’t cover, like copayments, coinsurance, and deductibles. Some Medigap policies also offer coverage for services that Original Medicare doesn’t cover, like medical care when you travel outside the U.S. We can also provide prescription plans that work in conjunction with supplemental medical.
Here are some examples:
A policy offering a $150 per day long-term care benefit for four years, with a 90-day deductible, cost a 50-year-old in New Jersey about $681 per year. For someone who was 65 years old it cost about $1,878, and for a 79-year-old, the cost was about $6,745. The same policy with an inflation protection feature cost about $1,582 at age 50, $3,052 at age 65 and $8,482 at age 79.