Things to Know Before You Need Long Term Care
Unfortunately, not many people plan for dependence or disability (LTC) in later years and without this planning we have to learn about options only after a traumatic accident, diagnosis of dementia or chronic illness, or some other tragedy that's removed the ability to care for oneself.
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The majority of our nation is ill equipped financially to provide ourselves with long term care after an illness or accident and the number of those in need is staggering.
Because the number of people in need of LTC is increasing daily, it's crucial for everyone to conduct their own long term care insurance review and protect themselves today!
It's estimated that two of ten people over the age of 50 and seven of ten people over the age of 75 will require LTC. The bad news is that Medicare and Medicaid both have severe limitations in the amount of assistance that can be provided to those in need.
The worse news is that the balance must come out of pocket, and not even half of the aging population is equipped to do so. Nursing home costs today average at $38,000 yearly and home care costs run from $50 to $150 daily.
According to a recent long term care insurance review, savings accounts are typically not large enough to provide for the average duration of long term care, which is about two and a half years.
That leaves only insurance to help defray the costs. The trouble with this scenario is that long term care insurance is still relatively new, and even though over 100 insurance companies now offer LTC plans, it remains a murky, complicated situation.
Your very best bet is to start planning early, before the need for long term care has actually presented itself, using projections of your present and future income as a guide.
Any long term care insurance review will show that LTC policies are in place to provide people with access to a set amount of funding in exchange for paying premiums over the years. It's common sense to start preparations while still young and relatively healthy.
Research insurers and their available policies carefully before you buy. Check for things like exclusion for pre-existing conditions (e.g. Alzheimer's or Parkinson's Disease). Review the policy carefully and ask for full explanations.
By doing your own long term care insurance review, you can defray your future long term care costs!
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