Understanding Long Term Care Insurance
You’ll need to plan for your overall wellbeing as aging crops in. Long term care insurance refers to a host of services that are not covered by regular health insurance cover. Some of these daily activities such as bathing, getting in and out of bed, and dressing up are very basic in nature but may need to be paid for.
This insurance policy will also cover all the costs of the care that you’ll receive in case you have conditions like Alzheimer’s disease or any other chronic medical condition. The policy will compensate you for the costs that you’ll get in places such as adult day cares, nursing homes, or assisted living facilities. Long term insurance is a long-term financial plan that will benefit you greatly, especially in your 50s and beyond. It’s cheaper and reliable if you buy the care insurance when you are young and healthy. In fact, you cannot qualify for the coverage if you have a debilitating condition. It’s recommended that you buy the cover when you are, at most, in your mid-50s to mid-60s.
Why buy the care insurance?
The U.S Department of Health and Human Services estimates that 70% of senior citizens in their 60s are already signed up with the long-term insurance policy. You’ll realize that Medicare and regular health insurance will only help you out in covering for short-term nursing home stays and skilled nursing care or rehabilitation. Hence, in order to get extensive care coverage for day-to-day tasks, you ought to purchase a long term insurance. Remember, you can only get Medicaid help if you are a low-income earner who has exhausted his or her savings.
People purchase care coverage so as to protect their savings and to increase their choices of care options. Medicaid help is very limited and the long-term insurance option offers you a chance to get quality care from a wide range of caregivers. In fact, Medicaid help doesn’t pay for assisted living in many states across the United States. The long-term insurance can be an expensive venture for low-income earners. According to the recommendations from The National Association of Insurance Commissioners, you shouldn’t spend more than 5% of your income on this care policy.