Most family members feel disappointed when their parents have to move in a nursing home. This subject is definitely one of the problems the family would try to avoid as much as possible, but no matter how they try to, this situation is inescapable.
The question is why children fear sending their parents in a nursing home. Well, many nursing homes today cost around $80,000, and these figures go upward each year. Imagine how much savings you need to keep your loved one/s in the facility. And don't forget that your loved one might extend his or her stay there for few months or years that would eventually gobble up your savings. Therefore, financial planning is extremely crucial, and buying long term care insurance means a lot when considering nursing home care in the future.
What nursing home care? Why it is expensive? Nursing home care provides various services that can be a combination of personal care and skilled medical services. The extent of level of care depends on the person's needs and/or the request of the physician. Intermediate care is provided to patients with long-term medical condition. Skilled care, on the other hand, is much more costly because it provides 24-hour of health care assistance to the patient.
How do residents pay nursing home expenses? According to survey, a non-profit organization, a third of residents pay out-of-pocket expenses for nursing home care services, while only five percent purchases long term care insurance. Unfortunately, most of those residents fall heavily on either Medicaid Medicare assistance as their last resort, especially for low income families.
Many Americans boldly ignore private long term care insurance, hoping that Medicaid and Medicare will shoulder everything. While everyone seems so attached with Medicaid, please be reminded that this program is very limited in nature. Low income individuals are given priority to receive Medicaid benefits; thus, if you fall in the middle income group, you must meet Medicaid's asset limit. However, if you abide to this, you will just lose your savings for something that is not worth risking for. People with Alzheimer's are generally not covered in Medicaid because this disease is considered as mental disorder. There are also other mental impairment and health disorders that are not covered in Medicaid.
Medicare is another federal program that is available to all American citizens age 65 and older. Like Medicaid, Medicare does not provide modest long term care services because it covers up to 90 days only in selected facilities, particularly in hospitals. Think hundreds of times before jumping in either Medicaid or Medicare to avoid regrets.
As what has been mentioned earlier, very few people purchase long term care insurance because they are misled of the advantages of Medicaid and Medicare. Long term care insurance is the best financial investment intended primarily for long term care because it provides options and flexibility to meet your needs. This allows you to choose your preferred form of care whether at home or in a facility. You have the full control to determine your daily or monthly benefits and how you are going to use them.
Senior Care at Home is cost effective when compared to Nursing Home or Assisted Living Facility.
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