Most of us do not want to think about becoming incapacitated and needing long term care. But it happens. If you are part of a married couple, you’ve got a seventy % chance of one of you needing long term care. If you are single, you stand a 40 percent chance. These pc.s are sure to increase as baby boomers begin to age.
Long term care insurance can give you a confidence. Like medical care insurance, long term care insurance works to pay benefits to long-term care facilities. They’re going to cover what Medicare and other insurance will not and allow you to retain your savings.
Most of us do not plan for long term care and by the point we need it, it is too late. We won’t count on our youngsters being ready to care for us. With so many folks living well into their 80s and 90s, it is likely the’children’ who are to care for them are of retirement age themselves. This can be too much of a burden for an older person to take, no matter how much they need to help.
As you have worked and saved all of your life, you probably need to be able to leave something to your youngsters when you pass on. You do not want to end the last of your days on public aid, in a long-term care facility that’s too far away for your kids to go to. But that is what happens to folk all the time.
The way that long term care works is that you have got to sign over all of your assets when you enter with an irreversible condition. When they are used up, you then go on public help. There is no guarantee that the nursing facility will keep you once you’re a ward of the state. They can then transfer you to another facility that might be much further away.
You cannot count on Medicare to pay for your care. They will pay a fragment of what it’ll cost to take care of you. And do you really want your youngsters or family and friends emptying their bank accounts to pay for your care?
If you plan ahead and get a long-term care health insurance program, you can be covered. These policies will pay $150 a day for your care for a four year period. You may use the money when and if you need it. You can also get an inflation clause in your policy so that the $150 that’s good for today will cover what it costs twenty years from now.
The amount you will have to pay for a long term care insurance policy will depend upon certain conditions such as your age and general state of health. But planning ahead for this type of care is vital if you want confidence and do not desire to stress about turning into a burden on your family and friends as you age.
Before you go out and buy a policy go to long term care insurance. We represent 20 of the top LTCi providers. This gives you tremendous options.. Also published at A Long Term Care Insurance Policy Offers You A Strong Sense Of Security.
Source: www.thehealthdirectoryonline.com
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