Long and short term insurance

Can long or short term insurance be bought after someone has already moved to an assisted living facilty, concerns are some one out living there money. Thank for any help ..

Terry Says:   No, the entire point of having Long Term Care Insurance is to buy when you’re healthy — just in case.  To allow otherwise, would be like letting you buy fire insurance after you smell smoke!

If the real issues is paying for care, your state Medicaid program will take over — after the person in the nursing facility has used up all assets.  They will allow him/her to retain a bit of Social Security or pension payments to cover personal items. The amount depends on your state laws.  So check with your state department on aging.

thank you for your response to this matter, but doesn’t nursing homes require that a person’s assets must not have been spend for 5 years prior, if a person is in assisted living, and runs out of money, how would this law apply to that situation? Thanks for your help.

Terry Says:  The law says that a person must not have given away assets within the past five years of applying for Medicaid. But if the money was spent down for his or her care, and now they have no assets, that’s when the state steps in.