Millions of Americans are leading increasingly longer lives. And when you live a longer life, there is a very high risk you will need Long Term Care Insurance (LTC). As a result of an accident, illness, disease and aging LTC will pay for assistance with basic daily activities of living such as bathing, dressing, mobility and eating.
The average length of a LTC claim is three years. Neither health insurance nor disability insurance pays for LTC services. Government programs such as Medicare only cover short periods of care, and Medicaid covers only those with few assets, and usually only in approved nursing homes versus the options available through LTC such as assisted living centers, adult day care and services provided in the home.
LTC policies can be purchased individually or on a group basis. When purchased on a group basis, employers can deduct the premium and employees receive the benefit 100% tax free.
OSMA members, their families and staff are eligible for LTC at discounted rates. The OSMA Insurance Agency works with an independent LTC specialist to provide personalized consultation.