Have you known anybody who needed nursing care. If they were confined to a nursing home, got care at home, or relied upon assisted living, you may now that it probably put a big dent in the family finances if they were not prepared. Nursing care costs a lot, and it will cut into savings very quickly if people are not prepared. It is more important than ever to plan ahead.
Long term care insurance (LTCi) is becoming more popular. People can buy it from private companies or get group coveage from their jobs. It covers different types of nursing care that people may need. Plans and prices vary, so you will have to look around to see if one is right for you.
You can take the premiums from some of these types of plans off of your taxes, so that makes the real cost cheaper. Some cannot be deducted though. If you are comparing various plans, you will need to consider this.
In a few years, we should be getting more help from the CLASS act of health reform. It provides an optional program that people can choose on a voluntary basis. The new program is still not implemented, so I do not have all of the details. From what I understand, the payments will not be enough to cover the whole cost of nursing care, but it should help some people.
Of course, there are federal health plans today. But Medicare only pays for short nursing needs. Medicaid requies patients to spend most of their money and other assets in order to qualify. These are not perfect solutions either.
Some other alternatives may be considered. There are annuities and insurance policies with provisions for nursing care. There is not one right solution for all people, but it is very important to look into the alternatives in case you need it.
Have you read the latest news on health reform and nursing home? Learn more, so you can have the facts to determine if you need nursing home insurance.