Long Term Care Insurance Considerations
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Do You Need Long Term Care Insurance?
In the recent past, people did not think about purchasing long term care insurance, but this insurance product has become more popular. Some people thought it would all get taken care of by existing benefits like Medicare and Medicaid. However Medicare only covers short term care, and the benefits end after a few weeks. Medicaid does cover long term care, but it requires that the applicant spend down their resources. With nursing homes and home health care costing thousands of dollars a month, it would not take long to wipe out the savings that it takes most of us a lifetime to accumulate.
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Furthermore, not all nursing homes or caretakes accept Medicaid, and so the choice of facilities may be limited. It can be very heartbreaking to see a family spend all of a loved one’s assets on nursing care, and then have to move that person to another facility when the money runs out. Long term care insurance (LTC) is a product that pays all, or part, of the cost of long term care. The policy can cover nursing homes, assisted living, and home health care. Different long term care insurance plans cover different things. An applicant can usually choose a specified amount, a waiting period until benefits kick in, and sometimes a benefit period lasting from a year or two up to lifetime coverage.
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Of course, the more flexibility and benefits that are built into the plan will increase the insurance premium. However, just like other health insurance plans, premiums will be lower for younger and healthier applicants. So if you are in your 50s, and think you are too young to worry about long term care insurance, you may be missing an opportunity to lock in a very affordable premium that will give you lifetime security! Some long term care insurance policies are tax qualified, meaning the premiums are deductible, which makes them even more affordable. Some people even purchase a long term care policy for an aging parent, so if that parent does need care, nobody has to worry about who writes the check. Before you purchase any ltc, you would certainly want to compare long term care insurance plans.
Balance the premium against the possibility of thousands of dollars a month in assisted living, nursing home, or home health bills. Before you decide that you cannot afford long term care insurance, use our fast, safe, and free online long term care insurance quote form!
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