Signs You Need to Consider Long Term Care InsuranceIf the current economic crisis has taught us anything, it’s the need to consider the impact today’s decisions have on tomorrow. The cliché is true: planning is everything. And few areas of preparation are more important or sensitive than the healthcare we’ll receive as we grow older. Long term care insurance is a valid option for those looking ahead to retirement. For moderate monthly premiums, holders may receive benefits which cover care that aids in the activities of daily living (ADLs). This includes assistance given within the home or in authorized care facilities such as assisted living and even hospice. The decision to take on a long term care insurance plan is a difficult one and should be considered with the counsel of family, loved ones, and your insurance provider, but here are a few indicators that you may want to begin researching the option for yourself or those you love. You’re not sure if your family may be able to support you later on.Certainly, the biggest reason to purchase long term care insurance is the desire for independence. Caring for an ill or aging loved one takes a massive toll on even the most willing family, and many people would rather remove that responsibility from their loved ones by preparing ahead of time for living assistance. However, if your children or spouse would not have the financial resources or time to support you after you’ve begun to require daily assistance, then the benefits of LTC insurance are definitely something to consider. Your family has a history of diseases which inhibit activities of daily living.Many people need assistance. The US Department of Health and Human Services estimates that around 20 percent of American citizens aged 65 or more are currently suffering from some kind of ongoing physical impairment. Yet if people in your family history have been diagnosed with Alzheimer’s or Parkinson’s, you may have an even greater need for the benefits of long term care insurance one day. Ignoring the possibility won’t help your odds, and you may want to think seriously about the cost of a minimal monthly premium now versus the out-of-pocket cost of a full-time care facility later. You’d prefer care in your own home.Long term care insurance is among the best options for receiving care within your own home. Indeed, while some plans include coverage for nursing home stay, the majority could be considered insurance against the need to live in such a facility. Daily benefits may include coverage for in-home caregivers such as nurses or companions, and depending on your coverage you may receive benefits daily or just several times a week, depending on your need. Independence truly is the goal, here. A physical therapist or home health care specialist visiting you is far more convenient than a stay in a nursing home. You want to protect your assets from the expense of unexpected long term care.Honestly, your finances may be one of the biggest considerations in your decision to purchase a long term care insurance plan. What a premium costs depends on a variety of factors, including preexisting conditions, age, length of elimination or deductible periods, and extent of benefits. However, paying even $2,500 a year a decade or so from retirement would be far cheaper than suddenly being handed a $50,000 bill for a year’s stay in a nursing home. Even $15,000 for a year of in-home care by a registered nurse could jeopardize your financial security. Unfortunately, the government won’t be much help here. Medicare and Medicaid do not usually pay for long term care. Short term home care and temporary stays in a nursing home may be covered, but unless your assets have been depleted to the extent that you meet federal poverty standards, you won’t receive nursing home coverage from Medicaid at all. Simply put, taking on a manageable monthly premium to stave off decidedly unmanageable expenses in the future is a wise decision. You have the resources to begin paying the premiums.Long term care insurance premiums may be an unwelcome expense, to be sure. Many people can simply not afford to dole out that kind of money in today’s economic climate. However, the younger you are, the cheaper the beginning premiums, and if you have the resources to make the payments, realize that the investment may be just as sensible as any amount of savings you’ve put aside to care for yourself or your spouse after retirement. Especially as that liberating day draws closer, consider the relative value LTC insurance payments have versus other parts of your portfolio. If you indeed have the money, make sure it’s going to the place it’ll do the most good in the long term.
Your future won’t happen by itself, regardless of what you may think. Your circumstances will be a result of your planning or lack of it, and if you wish to maintain today’s security and independence regardless of what the coming years hold, then talk with your family, loved ones, and insurance provider, and consider the benefits provided by a long term care insurance plan. |
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