Can I Save on Long Term Care?
Are you planning to self-insure your future health care? If so, there is absolutely no way that you can save on long term care especially if your annual gross income is $72,000 or less.
As of this writing, every American family with an elderly loved one or a disabled member receiving care in a nursing home spends on average $75,000 to $230,000 every year. According to professional nurses, people with chronic diseases or injuries stay at least two and half years or even 10 in a nursing home while those with malignant tumors last six months to a little over a year.
Everybody who is currently spending for care out-of-pocket will eventually end up on Medicaid, according to experts. After restructuring its eligibility system and cutting back on nursing home funds, however, Medicaid is not a very good option nowadays so those who are planning to depend on their nest egg and turn to Medicaid afterwards are headed for mediocre health care services.
Without an intelligent long term care (LTC) plan there is really nothing much that you can do for yourself health care wise. It is not advisable to turn to health care reform as there’s a lot of hullabaloo going on in the Department of Health and Human Services. There are certain matters that the administration has yet to settle before they can offer the public a definite health insurance program that will provide extensive LTC coverage.
So while you’re technically on your own you’re better off with an LTC program which you planned personally. You can look at different platforms that have been long available for people who wish to secure their future health care needs and preserve their assets for their families’ sake.
Save On Long Term Care
It is only through a well thought out LTC plan that you can save your assets from being depleted by LTC expenses.
You can set aside your nest egg which took you years to strengthen and then simply rely on your LTC plan to finance your in-home care, community-based care and pay for the expenses that you could possibly incur in a nursing home.
Now no excellent plan came about overnight. It will take a good amount of time and money for you to be able to establish an effective plan for your future health care needs. You have to go around and check the available long term care quotes and platforms that you can use for your plan.
For instance, reverse mortgages are ideal for senior folks aged 65 and over because they don’t have to worry about how to pay their loan afterwards, as their home will serve as payment. Perhaps the downside to it is that they have nothing to pass on to their children and other heirs.
People who opt for reverse mortgages are like Medicaid beneficiaries in some degree because they die without anything to their names.
Meanwhile, other people who want to save on long term care but not sacrifice their assets put their money on a long term care insurance (LTCI) policy. Though ideal to have for your future, you have to give LTCI a good thought and factor in your total assets so that you don’t end up wiping out all of your resources before a benefit trigger occurs.
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