No one wants to consider becoming incapacitated and needing long-term care. But it happens. If you are part of a married couple, you have got a 70 percent chance of one of you needing long-term care. If you are single, you stand a 40 percent chance. These %s are bound to increase as baby boomers begin to age.
Long term care insurance can offer you a reassurance peace of mind. Like health insurance, long term care insurance works to pay benefits to long term care facilities. They’re going to cover what Medicare and other insurance will not and allow you to retain your savings.
Most of us don’t plan for long term care and by the point we need it, it is too late. We won’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 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, no matter how much they want to help.
As you have worked and saved all of your life, you probably want 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’s too far away for your youngsters to go to. But that is what happens to folks 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 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 might be much further away.
You cannot count on Medicare to pay for your care. They will pay a fraction of what it’ll cost to look after you. And do you really want 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 can be covered. These policies will pay $150 a day for your care for a 4 year period. You can use the money when and if you want it. You can also get an inflation clause in your policy so 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 upon certain conditions such as your age and general state of health. But planning ahead for this sort of care is vital if you’d like peace of mind and don’t need to have to worry about becoming a burden on your family and friends as you get 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.
Tags: baby boomer retirement, family, financial, financial planning, health, health insurance, insurance, insurance policy, lifestyle, long term care, long term care insurance, retirement planning, seniors