The Reality – Long-Term Care Insurance is Necessary
November 7th, 2011 | 
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There is a perfect storm brewing in long-term care. Most of those at risk are either oblivious to it, in denial that it will not happen to them or procrastinating thinking they have lots of time to act.
The truth of the matter is taking responsibility for your long-term care sooner than later will give you options that you may not have later on. Your options will disappear as you get older and with that you won’t be as healthy.
The truth of the matter is that people are living longer and as there is a growing need for long-term care. The resources for providing this type of care are shrinking. There will be more “baby boomers” needing this type of care than there will be caregivers ready and able to provide care.
The public is not aware that Medicare isn’t a solution to the long-term care problem in America. According to Medicare & You 2010, Medicare only pays for medically-necessary skilled nursing facility or home health care if you meet certain conditions. Long-term care can be provided at home, in the community, in assisted living, or in a nursing home. A skilled nursing facility is covered only after a 3-day minimum inpatient hospital stay for a related illness or injury. Medicare doesn’t cover long-term care or custodial care in this setting. “Medicaid is a joint Federal and state program that helps pay medical costs if you have limited income and resources and meet other eligibility requirements.”
Many people have put off getting long-term care insurance because they believe they will be provided benefits through the government. Perhaps, they also do not completely understand the benefits of long-term care insurance.
It is important to educate yourself on what long-term care insurance can do for you and your family. How does it fit in with your overall retirement plan? It is designed with a specific purpose in mind.
Long-term care insurance helps you pay for services that other health insurances do not cover.
In the event you become unable to care for yourself, this insurance will take care of all of the mandatory costs to get you the help that you need. It pays for home care givers, home nurses, specialists, etc. It will even pay for care in facilities like: nursing homes and Alzheimer facilities. It will help to pay for hospice care and respite care as well.
This is a great additional insurance to have. You will be able to have reassurance by knowing that in the event you need this type of care, irrespective of what your age is, that all the costs will be covered and you will be ready to receive satisfactory care. Believe it or not, the large portion of those who need this kind of care are between the ages of18 and 64 (working age people). That just goes to show you that even younger folks need this insurance and that it isn’t necessarily for the older generation.
Schedule a consultation with a Long-Term Care Specialist to see if this makes sense for you. Then, you can put together an educated long-term care plan.
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