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Today, Long Term Care is a major concern for a lot of baby boomers as they transition to a new stage in their life. The need for long term care may suddenly arise from an accident, major illness, such as a stroke or heart attack. Long Term Care covers a broad range of services including:
The typical Long Term Care Insurance Policy acts just like any other insurance policy, it pays a benefit when the desired outcome is reached. In this case it would be that you are confined to a Nursing Home or require Home Health services in your home. Generally, when you are unable to perform 2 of the 6 activities of daily living, (bathing, eating, dressing, toileting, continence and transferring), or you require supervision due to a severe cognitive impairment, then the benefits would begin. Long Term Care Insurance provides a means to help pay for the services needed and maintain your financial and emotional independence. A very common misconception is that Medicare will pay for any long term care needs that you may have. Medicare and Medicare Supplements generally provide very limited benefits for long term care. Medicare will pay for skilled nursing or home health care if you meet certain criteria. Medicaid on the other hand, will pay for long term care needs but you must qualify, spend down or have few assets available at the time of need. Key Benefits of Long Term Care Insurance
Preserve your financial independence
Maintain the wealth you created over a
lifetime
Protect your assets and have an estate
for your heirs
Assure that you have access to quality
care
Avoid depending upon family members for
care
Be seen as a blessing by your loved ones
and not a burden
Avoid leaving a legacy of debt to your
spouse or children
When considering Long Term Care Insurance make sure that you look at the different types of plans available. Below are some of the plans that can provide Long Term Care benefits. Click on the link below for more information.
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