Reasons Why You Have To Consider Long Term Care Insurance
Have you heard of long term care insurance for so many times but still unaware on how is it going to affect you? The common blunder is that people only consider getting insurance coverage once they get into a point when they are seriously ill, incapable of doing simple chores, and run out of budget for nursing home care. You may have vigorous lifestyle and health today, but someday those comforts will suddenly fade in later years. Long term care insurance, although ideally, saves you from catastrophic experiences of adulthood and retains the life you have had, without worrying that your familys finances are at stake. Here are some reasons why long term care insurance is important:
1.Having long term care insurance keeps your independence and dignity. How? Some people exhaust their assets for out of pocket expenses on nursing home only to end up bankrupt, while others puts their money in trusts. Without sufficient money or resources to fund for long term care, you may qualify for the federal program called Medicaid. Medicaid beneficiaries receive mediocre services: most nursing homes reject Medicaid patients, and if they do they only offer semi-private with little or no privacy. Its never that easy to qualify for Medicaid than what you have expected, and if you prefer home care or assisted living then Medicaid is not a good option. Medicaid wont sign you up for coverage unless you have net assets of $2000 or have your properties under estate recovery. Whether you like it or not, Medicaid will let you stay in nursing home, period. However, if you have long term care insurance you can freely choose which type of setting suits you best and makes you feel comfortable. Assisted living facilities are far better from nursing homes where residents enjoy complete privacy and comfy home-like environment.
2.Married couples may have problems financing long term care. If one spouse needs long term care, the other will be forced to pay for outside caregiver or nursing home care. The money used in paying for the care usually comes from the couples savings or combined assets. If the care extends, the spouse may be left with minimal assets for future needs. However, LTCi fixes this issue where your spouses assets are protected.
3.Many healthy care giving individual do not consider insurance option and would rather pay their own care without help from anyone. If the care of the disabled or sick family member drags on too long, this can affect the caregiver both mentally and physically.
4.Long term care insurance relieves the burden it could give to your children, spouse, friends, and family members. So when your children or spouse promised to take care of you, the LTCi can help them fulfill that promise. The insurance can pay for additional home health aide or nurse to help your loved one perform care-giving activities.
5.You probably want to pass your hard-earned assets to your children, LTC insurance helps you protect your assets against the cruel cost of long term care so you can save them for your heir/s.
6.They say single men and women may suffer the worst because they are more likely to live alone. These people prefer to get as little help from their friends and relatives and shoulder everything on their own. LTCi helps those single individuals maintain a good lifestyle and health care.
by: Jenny Nielsen