Long term care insurance costs per month might just seem like pennies compared to what you could be shelling out if you did not have long term care insurance. Chances are your health insurance does not cover long term care, that is why there is long term care insurance because though they both have to do with health they deal with completely different parts of your he
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As the American population ages it becomes more important for Americans to understand Long Term Care Insurance. Long Term Care Insurance can provide coverage that will pay for your care if you are unable to care for yourself. This coverage can keep you out of a nursing home, keep you from having to apply for Medicaid and can preserve your assets for future generations. Here are some answers to common questions about this coverage to make your decision whether to buy it easier:
How does Coverage Work?
Long term care coverage is designed to pay the cost of services for what is known as the activities of daily living or ADLs. ADLs include eating, dressing, moving from a chair to a bed and using the bathroom. Some people with dementia or Alzheimer’s disease have additional needs beyond ADLs including supervision and reminders to do daily tasks such as bathing or taking their medication.
What Services Does It Cover?
When long term care insurance started about 20 years ago it only covered nursing home case. Today, it has expanded. Some policies include payments for respite care, adult foster home, adult day care, independent and assisted living facilities and hospice care. Most policies include payments for in-home assistance with medical and housekeeping needs. For many people, the difference between staying at home or going to a nursing home is finding in-home assistance to meet ADLs and keep them safe.
What is a “Facility Daily Benefit”?
The Facility Daily Benefit is the highest amount your plan will pay for your care in if you live away from home and have institutional, long term care needs. Plans and premiums vary in the amounts they pay for this benefit. When choosing this amount, you want to look at how much it will cost per day for you stay in a nursing home in your area. The average nursing home stay in the United States averages $7,500 per year and most seniors need this care for 3 to 5 years. However, costs in your area might be much higher so it pays to make a few phone calls.
Is Coverage Right for You?
If you and your family have assets you would like to preserve from paying the cost your long term care, this coverage is vital for you. Without this coverage, your legacy could easily be spent to pay for your care in the event of an illness or injury that prevents you from caring for yourself, even for a short period of time. Other factors to consider when thinking about this coverage are:
With America’s population aging, more and more consumers are buying long term care insurance. According to one study, 70% of all Americans age 65 and older require some form of long term care and, on average, need this care for 3 to 5 years. Long term care not only includes caring for those in a nursing home but also includes assistance with daily living at home such as help with dressing, bathing, using the bathroom, eating and getting in and out of bed. In deciding whether you need to invest in this type of insurance, here are some of the advantages to consider:
Long Term Care Insurance Will Give you Choices
With this coverage, you will be able to maintain more control over decisions about your care. If you are unable to pay for care yourself, you will be less likely to have enough money to stay at home. If you end up in the nursing home as a private pay resident, you will have more, better places to choose from than if you were a Medicaid payee. As a private pay resident, you will enjoy the freedom to choose a facility that meets your needs.
Avoiding Medicaid
The average cost of a resident’s stay in a nursing home in the United States is $7,500 per year so pay privately without long term care coverage for most people, in the long term, is impossible. If you do not have sufficient funds to pay privately for a nursing home, you will have to apply for Medicaid, a poverty-based program funded by the federal government. As a part of the Medicaid application process, you have to produce extensive financial records and you have to deplete your assets before you are eligible for the program to pay your expenses, leaving very little for your legacy.
Staying Independent
Although some people believe their family will provide for their long-term care, in many cases, they will not want them too. Personal acts such a bathing or using the bathroom are not moments most people want to share with their children. It will be a great relief to know you are not a burden, emotionally or financially, on your family in the event you are unable to care for yourself.
Peace of Mind
For most people, it is a tremendous relief to know that they have taken this vital step to make sure they have the most options and will receive the best possible care if they need long term care. Being able to avoid applying for Medicaid or having family member take personal care of you, for most people, is well worth the price of this coverage.
Many people have misconceptions about how much it will cost and who will take care of them when they are older. Here are some straight facts to help you make a decision to protect yourself now and evaluate whether you should purchase long term care insurance.
With the first of the baby boomers turning 65 in 2011, the focus has shifted to how this generation will pay for their long term care. According to one study, 70% of all Americans age 65 and older will probably need some form of long term care at the end of their lives. On average, people need long term care for about three years but some need care for five years or more. More than 20% of seniors need care in a nursing home. Long term care not only includes caring for those in a nursing home but also includes assistance with daily living at home such as help with dressing, bathing, using the bathroom, eating and getting in and out of bed.
Many people believe long-term care is costly, complicated and unnecessary. However, much of the information they may rely on to make this decision is untrue. Here are some misconceptions people have regarding their future need for care:
I Can Wait to See if I Really Need Long Term Care Insurance
Once you have a diagnosis of an illness, you cannot get coverage. Once you apply for coverage, the insurance company will look at your most recent health history. Only 17% of people in their 50s are denied coverage. This figure increases to 45% by the time people are in their 70s, according to the American Association for Long-Term Care Insurance. Like life insurance, long term care insurance is cheapest and easiest to purchase when you are young and healthy.
I Will Want My Family Members to Help Me
Although family members will probably have to help you if you don’t have coverage, you might not want them to. If you need help bathing, using the bathroom or eating, most people would prefer not to have their children help them with these needs. With Long Term Care Insurance, you have fund to hire a licensed home health care agency to assist you in your home and keep your independence.
Medicare Pays for Long Term Care
Medicare does not pay for long term care for a period over 100 days. Medicare will only pay for long term care for short periods of time, such as the time it would take you to rehabilitate from an illness or injury. Medicare does not pay for any assistance in the home, which many ill seniors require to avoid a nursing home. If you need long term care and are counting on Medicare, you will have to apply for Medicaid, a poverty based federal program, which will kick in when you reach a certain level of poverty and deplete your assets, leaving nothing for your legacy.
Long term care might sound scary and that’s for a good reason because we all hate the thought of loosing independence and being to the point where we have to depend on others. One way you can "keep" your independence while even receiving long term care would be by planning ahead and getting long term care insurance to cover the costs that will come from being taken care of full time. How is this keeping your independence? Even though you will not be able to work, if the need for you to have long term care comes up since you planned ahead and signed up for long term care insurance you will be helping with the finances. So give yourself peace of mind by getting long term care insurance to help cover the cost of either in-home care or a nursing home or whatever else you might be paying for while getting long term care. Remember each policy is different so make sure the policy you are choosing covers all that you want to be covered. Even if you do not have lots of money to pay the premiums remember that premiums can vary depending on what benefits you choose. So do not rule long term care insurance out if it has to do with finances because there might be something out there for you. This site is a great place for you to find out quotes concerning long term care insurance through us because you can look at different quotes from multiple long term care insurance companies.
Due to the fact that the average life expectancy these days is in the eighties it is very helpful for retirees to have checked out Long Term Care Policies before they retired and made a wise choice for the best long term care insurance for their needs. People tend to live some 15 to 25 years past their retirement. With this in mind you can see why people are worried about maintaining good health, being able to keep an independent lifestyle, outliving their assets, and inflation causing them to not be able to live their current lifestyle. One way to calm these worries is to check out Long Term Care Policies long before you retire and choose a policy that works best for you and your family. It is easy to get a long term care quote right here on this site. Now is a good time to learn more about long term care insurance. Get prepared for the future just in case you are one of the many people over the age of 65 who end up having the need for long term care assistance at your home, at an assisted living facility or at a nursing home. You can start comparing different Long Term Care Policies by filling out the “Free Quote” on the home page of this site.
To really insure that one is getting the best long term care insurance for their money, it is usually determined on one’s age at the time the paperwork is submitted for the long term care insurance. This should not be confused with when one is researching for the best long term care insurance and getting long term care quotes (LTC quote). The long term care insurance costs will be less the younger one is when applying. One should always make sure of their personal budget and their ability to pay for the long term care insurance costs before applying.
So there are a couple of key factors to consider that will affect one’s ability to get the best long term care insurance for their money.
Another key factor in getting the best long term care insurance or even having the ability to get insurance, is having an individual health review to determine if one is eligible for coverage. This is determined when applying for the long term care insurance. So it is important to be in good health because most long term care policies list medical conditions that will prevent someone from being approved for long term care insurance and from receiving the best cost.
To get started in getting the best long term care insurance click on the “Get A Quote” button at the bottom of this Braggit and fill out the "Free Quote" part of our website.
