More Long Term Care Insurance Policyholders in Nursing Homes?

Even though 80% of the elderly population have expressed their desire to receive long term care in the comforts of their homes, a recent data of claims that were made by insurance long term care (LTCI) policyholders shows that 31% of benefit claims were for home care service while 39% of the claims were for receiving professional care in a nursing home. The remaining 30% of claims were from those who used assisted living facilities.

This only goes to show that regardless of one's preference for LTC setting, he could be placed in a nursing home especially if his health condition deteriorates even more, and requires a skilled nurse to monitor and administer his medication on a daily basis.

Conducting interviews among senior citizens led to the discovery that most of them prefer to stay at home even though they have been diagnosed with a terminal illness. Staying home, they say, gives them the feeling of security knowing that they are surrounded by the people they love, and who love them in return.

Unfortunately, not every home has a family member who is a doctor by profession or a licensed nurse. Once you are diagnosed with a life-threatening illness, you should entrust your health into the hands of individuals who are skilled on the medical field.

Going to a nursing home, however, would mean arming yourself with at least $80,000 as the cost of a private room in a nursing home has increased by four to five percent since 2005. You're not sure though of your length of stay in a nursing home so if you have only set aside $80,000 or $90,000, where will you pull out the funds for your future nursing care expenses?

The above scenario clearly explains the importance of having long term care insurance since getting old nowadays is really expensive. Maybe this is the reason we can't blame the increasing number of cults left and right who can only wish and hope that their claims of immortality were true. With a well-planned out long term care ins in your possession, however, there is absolutely nothing about aging that you should fear. Your policy will cover all your long term care costs from the moment that an event in your life qualifies you for long term care. Perhaps, you'll only need to spend out-of-pocket for a month or two depending on what is stipulated in your policy, in compliance with the elimination or waiting period. Once this is done, your policy automatically takes over.

Thirty five years ago, people had a choice whether to buy an LTCI or not. These days, considering the longer life expectancy, everybody seems pressured to secure themselves with LTCI. Those who solely rely on Social Security for their income need not apply for this type of insurance anymore as they have Medicaid to lean on should they require long term care afterwards.

However, if you happen to have accumulated a number of assets during your heyday, you wouldn't want to just spend down all of these just to qualify for Medicaid, would you? Of course, you would want your children to inherit and benefit from everything that you have worked hard for so many years.