Why Should I Bother Buying Long-term Care Insurance?
Why should I buy long-term care insurance? This is probably one of the issues bickered by most adults as they approach their mid 40s or 50s
. Most people are uncertain of buying long-term care insurance; they would rather invest on car and real estate than on costly LTC premiums. Long-term care insurance can be expensive, but it is the best investment youll need to continue a dignified life as you age.
Buying long-term care secures your independence and dignity. Some people choose to spend all their assets on care, while others opt to put their money in trust. If you have zero assets, you will qualify for Medicaid coverage. You may take it seriously as luck, but sooner or later youll realize the misfortune of not saving for your long-term care. Medicaid pays for semi-private nursing home, but not all nursing homes admit Medicaid patients. Medicaid beneficiaries had taken a long qualification process before they received coverage for long term care. Qualifying for Medicaid coverage does not happen overnight, since most states have stringent rules for qualifying for Medicaid. Unfortunately, the majority of elders wish to receive care in their homes as much possible, but Medicaid cannot grant that wish. . Medicaid patients are forced to stay in nursing homes although they feel a bit unease of staying in a facility, where they are bathed or diapered together with other adults their age. With secured long-term care insurance, you wont suffer the stress of taking few trips to your states Medicaid office or, worse, lose your assets to qualify for Medicaid program. Also, your insurance can help you decide on the type of facility should you wish to have. Youre not obliged to stay in Medicaid nursing homes and spend your entire life there; you have the option of getting care in the comfort of your home with less worry.
Married couples could bear the brunt of long-term care. If you are in dire need for long term care, your spouse may be compelled to hire a care giver. The rates for caregivers throughout the country are so expensive that can surely exhaust your finances. The budget to carry out the expenses for care-giving is likely to come from the combined income and assets of both couples. However, if the need for such care is extended, your conjugal assets and personal savings may come to nil. The savings that must have been appropriated for your future needs are squandered solely for lavish home care, although, in the first place, your insurance could have been used to cover the costs.
Also, many care-giving spouses use their own money for long-term care and forget everything about LTC insurance. If the care for a disabled or sick spouse takes long, this can cause disturbing effects on the physical and emotional health of the care-giving spouse. Insurance helps the care-giving spouse to provide quality care for the sick husband/wife and, at the same time, save money or assets for more important investments.
Having children or extended family does not guarantee that you will receive the expected level of care or respect from your loved ones. Expect the worst circumstances that could happen in your later years, and be prepared for it. Remember that your children will have their own lives someday and, the harsh truth is, youll come second to their priorities. Your children may find it hard to juggle their care-giving responsibilities and their personal commitments. With long-term care insurance, you are guaranteed that youll get quality care without or with less family involvement.
by: Christine Walker
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