None of us wants 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 p.c chance of one of you needing long-term care. If you are single, you stand a 40 p.c chance. These pc.s are certain to increase as baby boomers start to age.
Long term care insurance can give you a reassurance peace of mind. Like health insurance, long term care insurance works to pay advantages to long-term care facilities. They will cover what Medicare and other insurance won’t and allow you to retain your savings.
Most of us do not plan for long-term care and when we need it, it is too late. We cannot count on our youngsters being ready to care for us. With so many people 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, no matter how much they want to help.
As you have worked and saved all of your life, you probably wish to be able to leave something to your kids when you pass on. You don’t wish to end the last of your days on public aid, in a long term care facility that is too far away for your kids to visit. But that is what happens to folk all of the time.
The way that long-term care works is that you have got 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 is 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 could be much further away.
You cannot count on Medicare to pay for your care. They’ll pay a fraction of what it’ll cost to take care of you. And do you really need your children or friends emptying their bank accounts to pay for your care?
If you plan in advance and get a long-term care health insurance plan, you may be covered. These policies will pay $150 a day for your care for a 4 year period. You may use the cash when and if you want 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 peace of mind and do not need to fret about changing into a burden on your loved ones as you grow older.
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- What You Should Know About Long Term Care Insurance and Home Health Care
- What You Should Know About Long Term Care Insurance and the Elimination Period
- Six Things You Need to Know About Long Term Care Insurance and the Survivorship Benefit
- Six Things You Need to Know About Long Term Care Insurance and Automatic Inflation Protection
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