None of us wants to think about becoming incapacitated and needing long-term care. But it happens. If you are a part of a married couple, you’ve got a 70 % chance of one of you needing long-term care. If you are single, you stand a 40 percent chance. These %s 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 care insurance, long term care insurance works to pay advantages to long term care facilities. They’ll cover what Medicare and other insurance will not and let you retain your savings.
Most of us do not plan for long-term care and by the point we need it, it is too late. We cannot count on our kids being in a position to care for us. With so many folks living well into their 80s and 90s, it is 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 in a position to leave something to your children 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 children 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 is 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 could be much further away.
You can’t count on Medicare to pay for your care. They will pay a fragment of what it will cost to take care of you. And do you actually desire 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 program, you may be covered. These policies will pay $150 a day for your care for a four year period. You may use the money when and if you need it. You can also get an inflation clause in your policy so that 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 on certain conditions such as your age and general state of health. But planning ahead for this kind of care is vital if you want reassurance and don’t desire to need to fret about turning into a burden on your loved ones as you grow 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.