Be Insured and Get Complete Care
We all wish for long term care to be more affordable than it is today but the painful truth is that this is a long shot. So far, individuals receiving care via federal health care programs are receiving mediocre services than those with long term care insurance (LTCI). So what’s your take on it?
You can go on to think that you’ll be rich when the time comes that you’ll need long term care (LTC). However, did you know that most of the rich have been investing in insurance policies that will cover their LTC expenses and that of their loved ones to preserve their wealth?
LTC is a big issue that needs to be approached with reason and should not be taken for granted. Only a very small percentage of the population is currently capable of paying for care out-of-pocket as the rates of LTC facilities and in-home care service continue to skyrocket. Soon no one’s nest egg will be enough for a year’s stay in a nursing home.
Instead of living every day of your life thinking that federal health insurance programs like Medicaid and Medicare will step in once you start to require care, work out a plan that will back you up financially should you end up needing LTC in the future.
Medicare, after all, is only designed for old people 65 years old and older and those individuals who are suffering end-stage renal disease. Simply put, if you are younger than 65 and your kidneys are working fine Medicare won’t accept you even if you are having a difficult time performing the basic activities of daily living (ADLs) such as eating, bathing, dressing, toileting, continence, and transferring.
What about Medicaid? It’s not a bad idea if you don’t mind giving away everything that you’ve worked so hard to acquire like your house, bank savings, family business, and other properties. Medicaid is designed for poor individuals and families who will accept whatever help extended to them. Now if you want to have a choice in the future, this program is definitely not for you.
Freedom to Choose with Long Term Care Insurance
LTCI policies allow people more leverage to structure their LTC. These insurance products give them the absolute freedom to choose where and how to receive care.
For example, an insured individual who is genetically predisposed to Alzheimer’s has the choice to receive care in a nursing home or in his own home. Many people think that Alzheimer’s can only be addressed in nursing homes but the fact of the matter is that an individual with Alzheimer’s disease can receive care in the comfort of his own home if his place is equipped with the necessary medical equipment, communication and security devices.
You call that kind of LTC aging in place which is the preference of many senior folks these days. Unfortunately, aging in place has so many requirements which will cost a lot of money but with a long term care insurance policy to finance everything there is no reason you couldn’t acquire it.
To inquire about a potential LTCI policy, contact an LTCI agent in your area who works closely with the biggest LTCI carriers.
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