Social Security Clarifies Long-Term Coverage for Seniors |
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Written by U. S. Insurance News
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Monday, 23 June 2008 |
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Poor wording by the Social Security agency left many seniors confused
regarding whether they were covered for long-term care. "A lot of
seniors had the idea that Medicare would cover their long-term care
expenses," explains Cameron Truesdell, CEO of LTC Financial Partners
LLC (LTCFP). "It wasn't so, but the wording of the Social Security
Statement left some doubt."
In an effort to clarify their position, Social Security Administrator, Michael J. Astrue, issued the following statement:
"Social Security pays retirement, disability, family and survivors benefits. Medicare, a separate program run by the Centers for Medicare & Medicaid Services, helps pay for inpatient hospital care, nursing care, doctors' fees, drugs and other medical services and supplies to people age 65 and older, as well as to people who have been receiving Social Security disability benefits for two years or more. Medicare does not pay for long-term care, so you may want to consider options for private insurance."
"This clarification is long overdue," says Truesdell. "Only about 10% of those who should have long term care insurance do. Part of the reason may be simple misinterpretation of what the government meant.” He adds, “It is vital for millions of Americans to do what the statement says, look into private LTC insurance options.”
LTC Financial Partners LLC has approximately 500 long-term care insurance agents who advise people and companies on their long-term care alternatives. "In the private sector, we're the people to come to when you need to know whether the insurance is right for you, and which carrier or policy best fits your situation,” explains Truesdell.
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