Most of us do not want to think about becoming incapacitated and needing long-term care. But it happens. If you are part of a married couple, you have a seventy percent chance of one of you needing long term care. If you are single, you stand a 40 % chance. These pc.s are certain to increase as baby boomers start to age.
Long term care insurance can provide you with a confidence. Like health insurance, long term care insurance works to pay advantages to long term care facilities. They’ll cover what Medicare and other insurance won’t and allow you to retain your savings.
Most of us don’t plan for long term care and by the time we need it, it is too late. We can’t count on our children being in a position to care for us. With so many of us living well into their 80s and 90s, it is likely that the’children’ who are to worry for them are of retirement age themselves. This can be too much of a burden for an older person to take, regardless of how much they want to help.
As you have worked and saved all of your life, you most likely 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’ve got to sign over all of your assets when you enter with an irreversible condition. When they are used up, you then go on public aid. There’s 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 cannot 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 really desire your youngsters or family and friends emptying their bank accounts to pay for your care?
If you plan ahead 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 four year period. You can use the cash when and if you need it. You can also get an inflation clause in your policy so the $150 that’s good for today will cover what it costs 20 years from now.
The amount you will have to pay for a long-term care insurance policy will depend upon certain conditions such as your age and general state of health. But planning ahead for this sort of care is vital if you want reassurance and do not need to have to fret about becoming a burden on your loved ones as you age.
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.
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