Do military veterans need long-term care insurance?

5/1/2019

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Here’s why veterans, regardless of age, should consider having long-term care insurance as part of their personal financial plan.

Nearly 70% of Americans turning 65 will need some type of long-term care services in their lifetime.¹ This care could be provided in-home or in an assisted living facility or nursing home. However, in the case of veterans, the need for long-term care often comes at a younger age due to a military service-related injury, accident, illness or conditions such as PTSD.

There are over 5.5 million in-home military caregivers in the U. S. with nearly 20% providing long-term care for veterans who served since the attacks of September 11, 2001.² These caregivers are typically unpaid family members. Studies show military caregivers experience more health problems and face greater strains on family relationships.*

Having a plan for how you want to handle long-term care should you need it could save your family money, reduce stress, provide for essential care and support, and allow you to continue making your own choices. Here are some things you should know as you plan ahead.

  • Long-term care isn’t covered by TRICARE, Social Security, health insurance or Medicare. It may be covered by Medicaid, but only if you meet financial need requirements. Having pension income such as military retirement pay may disqualify you.

  • The median cost of long-term care in a nursing home semi-private room is over $89,000 a year. Care in a full-time, assisted living facility is $48,000 a year. Even in-home health services provided by someone other than a family member can cost over $40,000 a year.³

So, how can you cover costs like these and reduce stress on your family? Long-term care insurance is one option. But if you wait until you need long-term care coverage to buy it, you’ve waited too long. The younger and healthier you are when you apply, the lower your cost. It only takes a minute to find out about long-term care insurance offered through USBA. There’s no obligation.

*If someone you know is a military caregiver, he or she can find peer support and helpful resources by visiting Hidden Heroes.

USBA is a not-for-profit organization that provides affordable insurance, financial products and services to Active Duty, Retired Military, Transitioning Military, Veterans, National Guard and Reserve Members, Federal employees and their families.

¹ U.S. Dept. of Health and Human Services
² RAND Corporation, 2014
³ Genworth Cost of Care Survey 2018


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