None of us wants to think of becoming incapacitated and needing long term care. But it happens. If you are part of a married couple, you have a 70 p.c chance of one of you needing long-term care. If you are single, you stand a 40 % chance. These %s are certain to increase as baby boomers start to age.
Long term care insurance can provide you with a confidence. Like medical care insurance, long term care insurance works to pay advantages 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 don’t plan for long-term care and by the time we need it, it is too late. We cannot count on our kids being ready to care for us. With so many of us 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, irrespective of how much they want to help.
As you have worked and saved all of your life, you most likely want to be able to leave something to your children when you pass on. You do not want to end the last of your days on public help, in a long term care facility that’s too far away for your children to go to. But that is what happens to folks all the time.
The way that long term care works is that you’ve 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’s no guarantee the nursing facility will keep you once you are a ward of the state. They can then transfer you to another facility that might be much further away.
You can’t count on Medicare to pay for your care. They’ll pay a fragment of what it will cost to look after you. And do you really want your children or loved ones emptying their bank accounts to pay for your care?
If you plan in advance and get a long-term care health insurance program, you may be covered. These policies will pay $150 a day for your care for a 4 year period. You can use the cash 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’ll have to pay for a long-term care insurance policy will depend on certain conditions such as your age and general state of health. But planning ahead for this sort of care is crucial if you need reassurance and don’t need to need to fret about changing into a burden on your family as you get older.
Before you go out and buy a policy go to Long Term Care Insurance, ask questions and request a long term care insurance quote. We represent 20 of the top LTCi providers. This gives you tremendous options.
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