Why Seniors Should Consider Long-Term Care Insurance & Medicare Supplemental Insurance

As seniors transition into retirement, choosing the right insurance coverage is crucial for financial security. Experts recommend considering both Long-Term Care Insurance (LTCI) and Medicare
Supplemental Insurance (Medigap) to cover different healthcare needs.

Key Differences Between LTCI & Medigap
• Long-Term Care Insurance (LTCI): Covers assistance with daily living activities (bathing, dressing, in-home care, nursing homes, assisted living, etc.).
• Medicare Supplemental Insurance (Medigap): Helps pay for medical expenses not fully covered by Medicare (doctor visits, hospital stays, lab tests, etc.).

Why Seniors Should Have Both
• Medicare and Medigap do not cover long-term care services like assisted living.
• LTCI helps cover future needs as aging may require daily assistance.
• 70% of people over 65 will experience a long-term care event at some point.
• Medigap ensures coverage for unexpected healthcare costs not covered by Medicare.

When You Might Choose Only One
• Wealthy seniors may choose to self-fund long-term care instead of purchasing LTCI.
• Those with VA, Tricare, or a retiree healthcare plan may not need Medigap.
• Medicare does not cover people under 65, but LTCI can be purchased at any age.

Who May Not Need Either
• Seniors with Medicaid (covers long-term care services).
• Those who are financially able to pay out-of-pocket for healthcare and long-term care.

Bottom Line
• LTCI helps with daily care needs; Medigap helps with medical costs.
• Having both ensures comprehensive coverage in retirement.
• Individual decisions should be based on health, financial situation, and existing coverage.

Want to know the best coverage for your situation? Request your free personalized report regarding your long-term care and Medicare supplement insurance options.