LONG TERM CARE
THE TIME TO PREPARE IS NOW
The need for long-term care is one of the biggest financial threats you could potentially face in life. This guide answers the most common questions regarding long-term care planning and insurance protection
When it comes to long-term care planning, asking questions is essential. This guide from the American Association for Long-Term Care Insurance answers some of the more frequently asked questions. The information will help you make better decisions when considering your options.
Perhaps the greatest benefit of long-term care insurance is that it can allow loved ones to care ABOUT you.. Instead of having to care FOR you.
Needing long-term care places an enormous emotional and physical strain on loved ones and family members. That’s why having a plan is so important. Incorporating long-term care(LTC) insurance into your financial plan can help you protect your assets. It can reduce the burden of care that would otherwise fall on family members and enable you to receive care in the setting you most prefer, including your home.
We prefer to say that your real risk is either 0% or 100%. And, that the real question- and the bigger risk- relates to the length of time for which you may need to receive care services. Your plan must prepare for the risk of needing care that could last many years.
When looking into long-term care insurance, ask what discounts you qualify for. If you or a spouse have some health conditions or take prescription medications, ask which conditions are acceptable as they can vary from one insurer to another.
If you are employed, does your employer offer long-term care insurance as a benefit?
Women tend to live longer than men and are far more likely to need long term care. The majority of nursing home residents and those with Alzheimer’s disease are women.
Medicaid is the joint Federal and state welfare program for those with low income and financial resources. Each state operates its own Medicaid program which has created major budgetary issues for many states. Other Federal programs, such as Veterans Affairs, do pay for some LTC services, but only for specific populations and in specific circumstances.
The families of claimants rarely talk about financial benefits. Instead they talk about how insurance allowed Mom to be cared for at home.. or how Dad as at much nicer assisted community located closer to the family.
There are also return-of-premium options and life insurance or annuities that provide benefits to those who are concerned about never needing care.
- Find out costs for care where you live or hope to retire.
- Be sure your coverage includes an inflation growth option so your pool of benefits increased each year.
- Ask about a “Shared Care” option that enables couples to link their policies in order to share benefits in the event one person’s benefits are exhausted.
- Speak with your insurance or financial professional.
- Find out what coverage costs.
- See if you can health qualify.
- Ask what discounts you qualify for
- There is never a cost or obligation when you request this information.