Long Term Care Planning

Many of our clients should consider purchasing long term care insurance as a means of funding the cost of their long term health care needs. The catastrophic cost of long term care is one of the greatest threats to the security of our older adult clients. Less than three percent of the long term health care needs of our clients will be paid through Medicare and supplemental health care insurance. Long term health care insurance can offer coverage not only for the high costs of nursing home care but also for the costs of being cared for in the home or in an assisted living facility. The key is to be a good consumer and ask the right questions about the coverage that is right for you. The Indiana Department of Insurance is a good starting point for consumers. You can contact the Department’s Consumer Services Division at 1-800-622-4461 (toll-free) with your questions about long term care or health insurance. The State Health Insurance Program (SHIP) offers free counseling and informational brochures to consumers about their insurance needs. You can call SHIP at 1-800-452-4800 (317-233-3475 for Marion County) for information or to see if the Program has a counselor in your area of the state. You can also visit the SHIP web site at www.in.gov/idoi/2399.htm.