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Peace of mind: knowing that you’ll get the care you need, when you need it, without breaking the bank.
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Long Term Care Insurance is one of the most important insurances. But many people still have a few questions unanswered. Here we will answer a few of the most frequently asked questions.
Who really needs Long Term Care Insurance?
Generally, all those 50 years and above should opt for Long term care insurance. Especially, if you have a family history of serious and chronic illnesses, you should opt for long term care insurance. It’s important to apply even when you are healthy enough.
Is it possible to pick options that suit your needs?
Yes, of course. You should research and choose a policy that lets you make your own choices. This will allow your coverage to be customized. There are certain options you should explore:
- Long term care location: A nursing home, day centre, in-home etc.
- Long term care type: custodial care, nursing care, aides by home health
- Considering certain options of Long Term Care: coverage length and daily benefits.
- Its flexibility – application of benefits in various alternative ways
- Coverage for organic illnesses: Mental organic illness (e.g. Alzheimer’s)
Who would pay for Long term care?
It is not in your best interests to count on or depend on the government or their health care plans. Why? Because Medicare and health care plans together pay just about 3% of the long term cares costs. Also, your state Medicaid programs help only those few families who fall into the poverty bracket. The remaining comes out of your pockets like funds set aside very carefully for retirement, nest eggs, and life savings out of a long term care insurance policy.
Few more things you need to know about long term care insurance:
Few facts:
Now that you have decided to take a step towards a stable financial future for your family and yourself, your biggest financial risk now and in the future is not hospital bills or doctor’s bills but highly expensive long term care. About 40% of most Americans of age 65 spend time in a hospital or a nursing home resulting from disabilities or long standing illnesses. Your need for long term care is much larger than you think. Daily activities like washing, cooking and eating etc. can become a difficult to fulfill requiring you to seek assistance on either a permanent or temporary basis.
Care could be provided in different ways like an adult day care centre, hospice, assisted living facilities etc. It is also available in an extended care facility, nursing home or even your home. If you are suffering from an illness or an injury and are unable to perform one or more basic daily activities or have an accident, you are eligible for such care.
In the year 1983, Medicare started a program known as Prospective Payment System. Since, the hospitals had to be reimbursed the actual cost for treating patients, this program as an alternative pays a standard fee in accordance with 467 Diagnostic Related Groups (Dregs).
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