Most of us do not want to consider becoming incapacitated and needing long-term care. But it happens. If you are a part of a married couple, you have a seventy % chance of one of you needing long-term care. If you are single, you stand a 40 percent chance. These percentages are certain to increase as baby boomers begin to age.
Long term care insurance can provide you with a comfort peace of mind. Like medical insurance, long term care insurance works to pay benefits to long-term care facilities. They’ll cover what Medicare and other insurance will not and let you 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 children being able to care for us. With so many of us living well into their 80s and 90s, it is highly likely that 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 your life, you probably wish to be in a position to leave something to your youngsters when you pass on. You do not need to end the last of your days on public aid, in a long term care facility that is too far away for your youngsters to go to. But that is what happens to people all of the time.
The way that long term care works is that you have to sign over all 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’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’ll pay a fraction of what it will cost to take care of you. And do you really want your kids or friends emptying their bank accounts to pay for your care?
If you plan ahead 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 may use the money when and if you want it. You can also get an inflation clause in your policy so the $150 that is good for today will cover what it costs 20 years from now.
The amount you’ll have to pay for a long term care insurance policy will depend upon certain conditions like your age and general state of health. But planning ahead for this sort of care is essential if you’d like reassurance and do not need to worry about changing into a burden on your loved ones 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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