If we, or our loved ones, need long-term care (LTC), how will we pay for it? Health insurance? Medicare? Medicaid? Most of us assume so. Besides, we generally assume we won’t need long term care at all. It would be nice if these two things were the case, but it’s not necessarily so.
Medicare has strict eligibility requirements and complete recovery must be the goal of long term care in order for them to cover it. Even if you meet these requirements, you’re only covered for a limited time. Health insurance doesn’t cover long-term care. So, how do people pay for these critical services when they need them? Family savings and assets are usually exhausted; so loved ones suffer not only emotional but financial difficulty as well.
What about pensions and other employer benefits? Just as we are no longer able to rely on Government programs to assist us in our most critical time of need, employers are freezing or eliminating pension plans. We unfortunately no longer live in a time when years of hard work are rewarded with secure retirement.
Under these circumstances, everyone should consider long term care insurance. It can help ensure we have the best care possible if we need it. And long term care insurance is not just for the elderly. You may find you need it due to a severe injury, chronic illness or other debilitating condition.
And remember, long term care insurance is something to purchase before you need it. We certainly hope nothing will happen to us, but if it does we want to feel secure in our options, not concerned over the possibility of losing our life savings.
There are many LTC policies available and these are rapidly changing and becoming more flexible. With a little homework, you can find one suited to you and your families’ needs. Doing this helps will help to ensure you have choices. And that is essential to quality and even duration of life.
Long-Term-Care.org is not a long term care insurance broker or carrier, and we cannot issue insurance policies. We are not associated with the companies profiled on Long-Term-Care.org and we make no representation, express or implied, that you will receive a quote from a specific company profiled herein. This site provides free information on insurance providers and coverage options. Products and policies may not be available in all states, and product and policy information is subject to change without notice. Please direct all insurance questions to your insurance company or broker.
