LONG TERM CARE - POLICY DETAILS CONT.

Caution: Make sure that you purchase enough protection. Do not be caught in not purchasing enough protection and losing all of your assets anyway.

FOR EXAMPLE: Betty purchased a policy for a $60 per day benefit for nursing home care and home care. She needed care and was capable of staying at home for 8 months. During that time, she had someone come over each day to bathe her. The cost was $23 per day and the policy paid for that. However, after 8 months, she could no longer stay at home. She needed 24 hour care. The nursing home cost $130 per day. Therefore, she would have to pay $70 per day out of her assets until her assets were depleted according to the Medicaid guidelines. Her policy was not effective in helping her keep her assets.