What is Long Term Care?
The phrase long term care is used to describe assistance with daily
activities including getting dressed, bathing, eating, moving from
place to place, and using the bathroom. Long term care can take
place at home, in an assisted living facility, in a nursing home,
or in the community through special programs.
Why Should You Consider Long Term Care Insurance?
It is very possible that you or your spouse may someday need assistance
with the basics of living. The chance that any individual will require
long term care at some time is substantial. In fact, people of age
65 face at least a 40% risk of needing long term care.
Is Long Term Care Insurance The Answer For Me?
Many people have questions about long term care insurance. These
products have been created to address the fact that Americans are
living longer than ever before. They also respond to some of the
needs and preferences people have when it comes to taking care of
themselves, a loved one or their family.
I May Never Need Long Term Care. Is Buying Long Term Care
Insurance A Wise Choice For Me?
It is true that you may never need long term care. But, in 2002,
about 7 million men and women over the age of 65 required services
from a nursing home or home or community based program. By the year
2020, 12 million older Americans will require long term care. The
longer you live, the greater the possibility that you will someday
need assistance with the basics of everyday living. Among people
who have purchased long term care insurance, a full 33 percent eventually
require long term care and use their benefits.
Can't I Utilize Medicare or Medicaid For My Long Term Care
Needs?
Long term care can deplete your retirement savings and other assets
very quickly. Many people hope to take advantage of Medicare or
Medicaid in the event of long term care needs. However, Medicare
pays only approximately 12% of all nursing home costs overall, and
these are for short-term skilled nursing home stays following hospitalization.
Medicare pays for home care only for short-term unstable conditions,
not for the longer-term assistance that long term care insurance
is designed to cover. To be eligible for Medicaid, you must meet
a range of federal and state guidelines regarding your assets and
income. This may mean that you would have to spend most of your
own money before qualifying for Medicaid at all (requirements vary
by state). Once you are dependent on Medicare or Medicaid, you will
be paid only for approved charges, and will be limited to their
approved facilities for care. Long term care insurance allows you
to control your care and your destiny.
|
Search 
