Maintain your independence
People who are not able to directly bankroll their own LTC expenses must first use up their assets before they qualify for Medicaid. Medicaid will not cover you if you want to receive care at home or at an assisted living center. Your options will be down to nursing homes that are approved by Medicaid. If you rely on Medicaid, you only get a semi-private room. The advantage of long term care insurance policy gives you multiple choices and an action plan that you can rely on. You can choose to be cared for in your own home, in an assisted living facility, adult day care, or a nursing home.
Protects your spouse with Long Term Care Insurance
Married couples who will need long term care must consider the burden they will place on their spouse. Your spouse may be forced to into taking care of you and many times their health will begin to deteriorate. If you pay out of pocket for care you may leave your spouse with no assets and no safety-net.
Prevents being a burden on your children
Most kids will take care of their parents if need be…but ask your self the tough question, would you want you son giving you a sponge bath? Having LTC insurance allows you to spend quality time with your kids while the aid takes care you your person needs.
LTC Insurance gives you Peace of Mind
For folks who are single or have an inadequate support system, long term care insurance ensures that you get the care you need.
Protect your assets
A good LTC plan will protect your savings and assets from the devastatingly high cost of long term care services.
Who Should Consider Buying LTC Insurance?
If you’re aged above 45 and have assets you need to protect, then you’re an ideal candidate for long term care insurance. A family history of serious ailments such as Alzheimer’s, cancer, cardiac, brittle bones, stroke is also enough reason to start shopping for a good policy. you should especially plan for long term care insurance. It is also very imperative to apply for long term care insurance while you are still healthy because after you’re stick or have an injury, no LTC firm will agree to insure. Then you’d have to pay for long term care out-of-pocket.
Long Term Care Insurance policies are guaranteed renewable, that phrase is an insurance lingo that basically means as long as you pay the premiums for your policy you have coverage. You cannot be cancelled by the insurance company as long as you pay your premiums. The main reason to plan ahead for long term care is the premiums are based on your age when you buy your long term care insurance policy and typically your premiums will remain the same for life.
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