Is Long Term Care Insurance Important?
The scariest nightmare happens not in dreams but in reality
. Have you ever asked yourself lately how your life will turn out in 10-20 years? Are you aware that the worst events could fall in later years? Just in time when you are old, frail, and unsecured.
As we get older, many of us develop common illnesses such as Alzheimer's, diabetes, stroke, heart disease, and cancer. The biggest problem you will confront is the time when you can no longer care for yourself due to debilitating condition and flimsy physique, much worse is your incapability to finance your own care. The burden upon seeing your family suffer from paying the bill for your medications is disheartening: it kills you more than your sickness does. The money that should have been kept for your children or heirs only goes to expensive nursing homes and treatments. Though you have overflowing assets, they can only go to waste once long term care butts in.
There is federal program aimed at helping elders in long term care needs. Medicaid or Medi-cal (term in California) helps low-income Americans avail long term care services. However, the support from this publicly-funded program is not dependable or, better say, ineffectual. Although many Americans prefer home care, Medicaid does not support this type of setting and compels recipients to undergo nursing home care or assisted living. Unfortunately, many nursing homes throughout the country refuse patients under Medicaid or Medicare program. Also, some patients report that Medicaid only pays only for one to three months stay in the nursing home, the period outside that coverage must be shouldered by the patient. Long term care insurance fills the gap that government fails to provide. Many financial experts recommend purchasing long term care coverage between 40s or 50s that will pay for the person's health and personal care services while under the chosen facility or care setting. The coverage will help the insured continue a dignified life while suffering from the constraints of old age, disability, and sickness. Basic long term care coverage includes cooking, cleaning, bathing, and many other, depending on the person's needs.
Most of us see just what's inside the box. We care only for the things that matters now and let fate control the circumstance that will fall in the future. So when we think of long term care insurance, we normally think of it as a gamble. Despite the pessimism on long term care insurance, LTCi proves to be one the most important life investments. Long term care insurance saves you from becoming bankrupt due to costly hospice and home care. This allows you to tap your money in paying for home care or assisted living care when you are no longer be able to care for yourself. The benefit pays off as it makes your financial security and independence possible. What's more is the peace of mind that you will be staying in a desirable environment (much better than the shattered shelters where poor, old people stay) and age gracefully than the rest of the elders out there, without the guilt of ruining your family's future.
Is Long Term Care Insurance Important?
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