Many people believe that long term care is only for elderly individuals. This is not the case. In fact, this type of insurance is often administered to individuals with disabilities and chronic illnesses. Many care services can include support with daily activities such as bathing, getting dressed and preparing meals. These services can be utilized in the individual's home or at nursing homes and assisted living facilities.
While you may not think so at this time, there is a very good chance you will eventually have to consider Medicare benefits. It has been estimated that by 2012, more than 12 million individuals will need this type of care. This means that those who reach the age of 65 will have a 40% chance of being placed in a nursing home. In addition, 10% of these individuals will stay in that facility for five years or longer. This is why it is so important to choose your medical care provider carefully.
Just as choosing a provider is important, so is planning your medical needs. Again, not many people think this far ahead in the future, but it is extremely important to plan for your future care needs . This planning is not always easy to do, so to make it a little easier, there are a few questions to answer. These questions and answers will help you make an informed decision. First, you should examine what types of care you may need. Next, consider how those needs may change over time. After that, determine your choices when it comes to insurance companies and providers. Finally, always be aware of the cost and how much you will be able to afford. After answering these questions, you will have a better idea how to plan for your nursing home needs and will give you knowledge about what kind of insurance coverage you will need when you retire.
When looking for insurance, there are many things to consider beyond the questions that were mentioned above. When comparing insurance, you want to find out what the protection from inflation is. Since many insurance companies only provide a fixed daily amount, you may opt to buy additional insurance for a Medicare supplement to offset the costs. You also want to consider the amount of coverage the insurance company offers. The cost of long term care varies, so you must think about where you may be residing when you are older. The length of coverage is also important. Some insurance companies offer coverage that will protect you anywhere from 2 years through the end of your life. Typically, nursing home costs will require 3 to 5 years of coverage. Finally, consider your insurance carrier's financial health. If you choose to buy lengthier care coverage, make sure that the insurance company will be around for a long time.
There are many online tools that can help you determine how much insurance you may need. These calculators will determine the estimated cost of coverage and will factor in what financial resources you already have available. They can be very useful in planning the amount of care time you need and choosing the right insurance coverage.
Most expenses for home care are not covered by Medicare, but some are covered by Medicaid. This is because the Medicaid program is based on the financial needs of the individual. You will need to pass an asset test to qualify for the Medicaid benefits. The end result would mean having to spend all of your assets before becoming eligible for Medicaid coverage. The government now allows policyholders of long term care insurance to exhaust their current benefits to receive financial assistance instead of using their life savings.
Under this program, if you purchase an insurance policy and your benefits run out, you will then qualify for Medicaid and be allowed to retain your assets, as long as they are equal to the value of the insurance you had purchased. Without this program, you would be required to spend all of your assets before you would be eligible for Medicaid coverage.
Unfortunately, only a few states have the above program in place, but 30 more states are taking the steps to get the program in place. You can find additional information at longtermcare.gov. This site will provide you with current information regarding your state's status on the program. You have one shot at submitting an application form to Medicaid. Do not submit it until it has been reviewed by an expert - it could cost you tens of thousands of dollars.
States typically offer online forms that you may download and print, however no states allow you to currently apply for Medicaid online.
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