Easy Saving Tips on Long Term Care
There’s no arguing that long term care is really expensive and only those with a net income worth a billion or more can afford to pay it out-of-pocket. Ordinary citizens have to find ways to save on long term care lest they find themselves in the financial hole which only a few have emerged from unscathed.
Living every day with the idea that your family will be there for you, to provide what you need in case you would figure in an event that will make long term care (LTC) inevitable is actually what will trigger danger. It is actually what will hinder you from planning your future wisely if not intelligently.
Aging and disability may cause functional limitations and cognitive problems but these conditions should not rob a person of his independence and ability to enjoy life. First of all, aging is part of life’s cycle which everybody will have to go through at some point so it is an event which can be prepared for. It’s even more difficult for one to accept a disability especially if it was caused by an accident.
However, if you look at the elderly and disabled you will realize that both have a common denominator which is the need for serious care. Some senior and handicapped folks would probably need custodial care or personal care which is primarily focused on the provision of assistance with the six activities of daily living (ADLs) such as eating, bating, toileting, dressing, continence, and transferring. Now there are others that need medical care apart from custodial care as they have developed a chronic illness or they are probably suffering from cognitive impairment.
How to Save on Long Term Care
Except for those who were born disabled and have been receiving specialized care since infancy, everybody is capable of planning his future health care needs. All it takes is determination and a formulative plan which normally starts with one’s recognition or acknowledgement of the need for LTC.
When one has fully accepted LTC into his or her heart, the succeeding steps in working out an LTC plan can be easily accomplished.
- Undergo a thorough physical examination. Some people look and feel healthy that is why they seldom see a doctor. Just because you don’t have vices it does not follow that your health is perfect. See your doctor on a regular basis to find out how your health is faring.
- Be conscious with the cost of care. Even if you are decades away from retirement, it pays to know the cost of care in your area. You may not need a nursing home but knowing the rate of one in your place can help you estimate how much you will likely spend for care.
- Consult a financial advisor. If you have a great amount of assets to protect, you could talk to a financial planner first before starting your LTC plan as he can make worthwhile suggestions.
- Or contact a long term care insurance (LTCI) agent. Although a financial planner can help you design a good plan for asset preservation and allocation, an LTCI representative will help you save on long term care as this is his specialization. With this agent, you will be able to receive topnotch LTC services apart from preserving your valuable assets.
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