Choosing Your Long Term Care Plan Counts
Nowadays it is no longer a question of who should come up with long term care plans because at the rate long term care (LTC) costs are going, people who don’t plan for it will end up receiving no care at all or if they’re lucky Medicaid could spare them a room in a nursing home.
Before feeling relieved by this information knowing Medicaid is going to be there for individuals who are financially incapable of paying their LTC bills, perhaps you should go over the coverage which is available with this government health insurance program.
Medicaid is a program intended for the poor and poor here refers to individuals with an income that falls under the poverty line. If you belong to the middle class this health program can go on to disqualify you unless you are willing to satisfy its asset and income limit. In most states the Medicaid program would only allow applicants to keep not more than $2,000 worth of their total countable assets.
Once you’ve satisfied the asset and income requirement of Medicaid and it actually takes you in, you have to accept whatever service it is capable of providing to you. For instance, if you need in-home care it can cover the expenses that you will possibly incur from this LTC setting but instead of getting the ideal eight to 12 hours of daily care from a home health aide, you could wind up receiving four hours only as Medicaid works strictly around a fixed budget for LTC.
Choices of Long Term Care Plans
There are different ways to plan your LTC and it pays to know what these are so that you will not end up wasting your time and money on some plan which you will never get to use in the future.
Individuals who have been working on the field of LTC for a decade or so can attest to the effectiveness of a long term care insurance (LTCI) policy. This type of insurance product is considered a good financial plan because anyone who has it will be able to receive care in his choice of LTC setting as an LTCI policy provides coverage in all LTC facilities and it also allows people to receive care in their own homes.
Some LTCI policies provide full coverage while others only partially cover one’s LTC needs. You have to identify the type of coverage that you will need someday to be able to compute the price of your policy.
Talking with a licensed LTCI specialist will open you to a roomful of possibilities so before you entertain the notion that the premium of a possible coverage will cost you a chunk of your money, contact your state’s bureau of insurance to get a list of qualified LTCI professionals.
If you are 70 or older all the more that you would need guidance from an LTCI specialist because you are likely to be rated by underwriters of LTCI firms. Being age conscious has its good points especially when you’re making long term care plans. Keep in mind that planning your LTC early will not only guarantee you access to quality LTC but absolute financial freedom.
Processing your request, Please wait....
