Are You Considering Long Term Care Insurance
Anyone who is planning to buy a long term care policy will manage to stay one step ahead of long term care (LTC) costs.
Although it’s true that nobody’s money can beat the soaring cost of care, no one ever said that a long term care insurance (LTCI) policy won’t be enough to meet it. The fact of the matter is that only this insurance product will keep people sane amidst the rising costs of nursing homes, assisted living facilities, in-home care, hospice care, and adult day health care centers among others.
With a tax-qualified LTCI policy, an individual will be able to receive quality care without depleting his assets. Aside from this, he can also enjoy years of tax deductions throughout the life of his policy because a portion of the premium that he pays will be treated as a medical expense and thus it is automatically deductible.
Americashould not be treated as an LTC-deprived nation because it has about 16,000 nursing homes awaiting occupancy. Apart from this data, community-based LTC facilities are growing rapidly along with new LTC trends such as aging-in-place.
People have more options for care nowadays compared to the past generations. Unfortunately, there is a problem and that is the fact that only a fraction of the senior population expecting care is ready to pay for their LTC needs. Majority of them are looking at Medicaid and hoping that the said federal and state regulated health insurance program will foot their nursing home bills as well as in-home care.
Unfortunately, that is not going to happen as state Medicaid programs have been instructed by the federal government to cut back on nursing home expenditures. Anyone who has the likelihood of requiring multi-level LTC services should start working out a personal plan today or else he can prepare all of his assets for Medicaid estate recovery.
Buy a Long Term Care Policy
Many people still think their home equity will be able to cover their LTC expenses but in truth, the value of one’s home today will only be able to cover a year’s stay in a private nursing home room.
Gone are the days when a house and a lot was the single largest investment that a person can make. These days, anyone with a substantial amount of assets is advised to secure an LTCI policy to avoid using up his hard earned money to the cost of care.
If you’re wondering what makes health care professionals so sure that a greater percentage of this generation will need LTCI policies, they have demographers whose job is to keep a statistical data of people according to class, age, and income. The government knows how much of the poor will require Medicaid assistance for their LTC and other health care needs. What they are not prepared for is the growing number of middle-class individuals who remain without a definite plan for their future.
You don’t have to wind up empty-handed because you had to surrender everything just to receive topnotch care. Buy a long term care policy to keep your assets intact, your family happy, and your dignity untarnished.
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