Long-term care is often the last thing anyone thinks about until they are in need of it. Most people don't even consider the possibility of needing long-term care until something bad happens. The first thought is a hospital stay, but that doesn't always cut it. If someone suffers an injury or develops a disease that requires long-term care, then the question of where to get it can feel overwhelming. However, it is possible to find affordable long term care insurance if you are willing to take the time and effort to find it. There are many different options for this type of insurance and the costs vary from one company to another.
Long term care insurance is an insurance product, normally sold in the United States, United Kingdom, and Canada that pay for the cost of long-term care when a person is no longer able and because of illness, accident, or other unforeseen circumstances. Long-term care insurance also covers services generally not included in Medicare, Medicaid, or insurance coverage. Although Medicare does include some services, it is designed to be a supplement to the cost of regular medical care and is not intended to be a replacement for it. Long term care insurance is typically purchased by people who are at least 55 years old with a dependent who is capable of living on their own.
In order to qualify for long-term care insurance, you may need to meet certain requirements. You will most likely have to submit proof of your income, medical history, and details about your dependents. The younger you are when you begin looking for this type of insurance, the more likely you are to qualify for a lower premium.
Your dependents are usually dependent upon you for more than 5 years. For that five-year period you must be earning an income that is at least half of the state's average income for the filing year. You must also be a resident of the state that provides the benefits. That means if you move to another state, you will most likely not receive long-term care insurance for those five years.
Some states do not require life insurance but will offer Medicaid benefits if you are eligible. Because long-term care policies offered by many companies do not carry taxes, the premiums are typically low. That makes them a good option for high-earning seniors looking to save money. Long-term policies are also ideal for people who are not yet eligible for Medicare. Tax-qualified life insurance premiums paid to Medicare do not start until age 65, making it very expensive for the older adult to purchase an adequate policy.
Many long-term care policies do not include home health care. However, there are policies available that can cover the cost of home health aide and similar services. If you are in need of extra help, you may want to check into a nursing home. Although not all policies will cover this, it may be worth investigating further.
Even with a plan for long-term care insurance, you may need additional coverage to provide for your personal items and medications. The cost of prescriptions and other necessary medication can quickly add up, especially if you become ill and can no longer rely on your insurance to cover it.
If you sell your house in the future, you may be unable to obtain coverage for your final expenses. It is often possible to purchase Medicare Part B and Part D drugs for drug purposes or purchase from a private drug company, though they may be more expensive.
As you can see, the basics for Medicare may cover some aspects of nursing home care, but not all of it. It is important that you carefully review your options before enrolling in a policy. Only then can you know how much you will actually be paying in premiums and how much Medicaid will be paying for your in-home care. It is also important to ensure that the coverage you get is adequate to meet your needs.
Steve Schafer is the founder of TheEulogyWriters and the author of hundreds of heartfelt, wonderful eulogies. He lives in Michigan and has been writing eulogies for well over thirty years. The articles in this blog are designed to help people through the process of losing loved ones and exploring issues in the aging process.
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