How Beneficial is Long Term Care Insurance?
Can you earn $2,000,000 in the next 30 years? Should the current annual rate of a nursing home increase from $84,000 to $1,008,000, will you be able to get through three years? If you answered no to both questions, then there is no doubt you can provide the answer to this question, too – what is long term care insurance?
It is a safety net that you will need should you qualify for long term care because there is no way that the cost of care in the country is going down in the succeeding years. In fact we have all been warned that it’s going to increase twofold in 2026 while in 2030 it’s going to be four times the current cost.
Without long term care insurance (LTCI) none of us will be able to acquire decent long term care (LTC) someday. Well, Medicaid is there all right but it does not promise to provide exactly what everybody’s health would require since it has yet to recover from its vast expenditures on LTC.
Buying an LTCI policy shall prepare us for the day that we would need LTC. To better understand this, think about mundane activities and the consequence that we have to face for not preparing.
For instance, a week before Christmas you and your family march into a five-star hotel where you do not have a reservation. Upon being told by the front desk officer that there is no more vacancy considering the peak season, you got upset and as you blew your top you directed all nasty remarks to the poor guy who was only doing his job.
Now an LTCI policy can be compared to a hotel room reservation but this one’s specifically for our future healthcare needs. Without a policy you cannot demand a home health aide to go to your house every day to assist you in your activities of daily living (ADL) unless you are willing to pay her out-of-pocket.
Without LTCI you also cannot force a nursing home to take you in and reiterate that apart from your functional limitations, your hypertension has gotten worse and your doctor’s recommendation is that you stay in a nursing home.
What is Long Term Care Insurance?
With a comprehensive LTCI policy you can receive care in whichever setting that you choose after satisfying the elimination period which your policy clearly stipulates.
Your policy will cover your home care expenses, as well as those that you would incur in an assisted living facility or nursing home.
If you’re among the 90% of the country’s population that prefers in-home care, purchasing an LTCI policy will cover your home modification expenses up to your maximum benefit amount. It will also cover your expenses on an electronic monitoring system, wheelchair ramp, and security grips in the shower room among others.
You will actually be able to continue your independence with an LTCI policy as you get to dictate where and how you want to receive care. So next time somebody asks you what is long term care insurance, simply say it’s a product purchased by anyone who loves his family and life per se.
Our website is teeming with long term care insurance quotes from different states and as well as different kinds of LTC policies. We give nothing but the best to our customers, so take advantage of our free long term care quotes now and big discounts.
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