What are your options for long-term care with health issues?

Dear Toni: I am retiring in January, when I turn 70 and my wife, Sharon, will be 66. I have heart issues with atrial fibrillation, and Sharon is a diabetic. Last month, we each applied for a long-term care policy and were denied due to our health. The agent who helped us search for long-term care insurance plans said that people over 60 find it difficult to get accepted.

Our concern is that my two younger brothers and I are paying about $9,000 a month to an Alzheimer’s facility for our father’s care. Can you please explain other long-term care options that we can explore, because my father’s rate would drain our retirement. My wife and I do not have a plan in place should we need extra financial help since we were not approved for a long-term care policy. — Jeff, Dallas

Dear Jeff: In the past few years, a few new plans with extended health care benefits have been developed, assisting with unexpected health or accident issues.

The “Medicare &You” handbook discusses how important it is to plan now and while in good health to maintain your independence. You will want to receive proper care in the setting you desire, whether at home or in a medical facility such as assisted living, a nursing home or a private personal care home.

Be aware that Medicare only pays for medically necessary skilled nursing facility care or for home health care if you meet certain conditions. Medicare doesn’t cover nonmedical long-term care. This is why purchasing a policy to help with a long-term need becomes essential.

Let’s discuss options to protect your finances from excessive long-term care costs, especially for those with health issues that can keep them from being accepted for a long-term care plan:

Short-term care insurance plans: These policies have a simple health questionnaire with yes/no questions, making it easy to qualify. They will assist in paying for a nursing home, assisted living or personal care home as “facility care,” with additional benefits for care at home. Plans provide various facility care options ranging from $50 to $400 per day with benefit periods ranging from one to two years, depending on the specifics. A short-term care plan can help keep you from draining your savings or 401(k) for an illness or accident.

Life or annuity policies with long-term care benefits: Many life or annuity insurance policies have a provision for long-term care. You can receive a certain amount of long-term care with your life or annuity policy’s face amount. Health issues may keep a person from qualifying, however.

Traditional long-term care: If you are under 60 and in good health when you purchase a long-term care policy, it may be easier to qualify with lower premiums. A long-term care plan can help protect your savings or 401(k). You have to answer health questions to be approved.

Plan properly for a long-term care issue, because no one knows what their medical future holds.

Toni King is an author and columnist on Medicare and health insurance issues. If you have a Medicare question, email info@tonisays.com or call 832-519-8664.