None of us wants to think about becoming incapacitated and needing long-term care. But it occurs. If you are a part of a married couple, you have got a 70 % chance of one of you needing long term care. If you are single, you stand a 40 percent chance. These pc.s are sure to increase as baby boomers begin to age.
Long term care insurance can provide you with a confidence. Like medical care insurance, long term care insurance works to pay advantages to long term care facilities. They're going to 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 when we need it, it is too late. We can't count on our children being ready to care for us. With so many of us 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 most likely wish to be able to leave something to your youngsters when you pass on. You don't want to end the last of your days on public aid, in a long term care facility that's too far away for your children to go to. 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 of your assets when you enter with an irreversible condition. When they are used up, you then go on public help. There's no guarantee that the nursing facility will keep you once you're a ward of the state. They can then transfer you to another facility that may be much further away.
You cannot count on Medicare to pay for your care. They'll pay a fragment of what it'll cost to take care of you. And do you actually want your children or family and 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 can be covered. These policies will pay $150 a day for your care for a 4 year period. You may use the money 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 will have to pay for a long-term care insurance policy will depend on certain conditions like your age and general state of health. But planning ahead for this kind of care is essential if you'd like confidence and do not desire to need to worry about changing into a burden on your loved ones as you grow older.
Long term care insurance can provide you with a confidence. Like medical care insurance, long term care insurance works to pay advantages to long term care facilities. They're going to 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 when we need it, it is too late. We can't count on our children being ready to care for us. With so many of us 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 most likely wish to be able to leave something to your youngsters when you pass on. You don't want to end the last of your days on public aid, in a long term care facility that's too far away for your children to go to. 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 of your assets when you enter with an irreversible condition. When they are used up, you then go on public help. There's no guarantee that the nursing facility will keep you once you're a ward of the state. They can then transfer you to another facility that may be much further away.
You cannot count on Medicare to pay for your care. They'll pay a fragment of what it'll cost to take care of you. And do you actually want your children or family and 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 can be covered. These policies will pay $150 a day for your care for a 4 year period. You may use the money 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 will have to pay for a long-term care insurance policy will depend on certain conditions like your age and general state of health. But planning ahead for this kind of care is essential if you'd like confidence and do not desire to need to worry about changing into a burden on your loved ones as you grow older.
About the Author:
Before you go out and buy a policy go to long term care insurance. We represent 20 of the top LTCi providers. This gives you tremendous options.. Free reprint available from: A Long-Term Care Insurance Plan Gives You A Definite Sense Of Security.
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