Author: William Clatterbus

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Long Term Care: Facts and Misconceptions By William Clatterbus

  in Aging | Published 2012-12-10 17:18:28 | 182 Reads | Unrated

Summary

Getting older is a well deserved point in any individual’s life and has the unparalleled benefit of enjoying the finer things in life Nonetheless, a lengthy life takes a toll on both the physical and financial health of our nation’s senior citizens

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Getting older is a well deserved point in any individual’s life and has the unparalleled benefit of enjoying the finer things in life. Nonetheless, a lengthy life takes a toll on both the physical and financial health of our nation’s senior citizens. Long term care insurance responds to the needs of senior citizens due to the fact that odds are you'll need long term care after the age of 65. Elderly care is costly, and long term care insurance is there to help. Statistical finds show that common costs for a full time nursing service range between $ 50,000 and $ 80,000 per year, depending on
if the care is given in a facility or at home (with facility care being the more costly option). A byproduct of the complexities behind long term care is a series of misinterpretations that can deter a senior citizens financial health.



Misconception One: Medicare will cover me: This misconception is listed first because it is the most prevalent myth. Medicare does cover hospital and doctor costs. However, its coverage does not include custodial care for seniors with long term health issues. For example, if eating, bathing, or remembering medicines is a complication, Medicare will not cover the needed aid for these unfortunate health aspects.



Misconception Two: My spouse's help is enough for such pressing matters: Your spouse may be able to support your needs satisfactorily, but this presumption is not guaranteed. For example, you could outlive your spouse, your spouse may not be able to offer constant guidance (typical of Alzheimer's patients), or your companion's aid couldn't care for you in the event that you become physically impaired.



Misconception Three: Long Term Care is for everyone: Long term care is ideal for people who live off an average sized income. Premiums can be costly for low income individuals and those whose income is more than average opt out of insurance coverage because they have the means to pay for services on their own. Further inquiry of both your income and marital standing are important to take into concern. Aside from your home possessions, single persons with $ 30,000 or less in assets and married people with $ 80,000 or less in assets most likely cannot afford the costs associated with long term care. Still, if you wish to obtain long term care and your assets are less than recommended, paying out of pocket and utilizing Medicaid is your best alternative. As for protected assets, consider LTC if you are cynical about being able to self insure.



Misconception Four: Premiums remain constant: This myth is blatantly false and has no legitimate backing. The promise of guaranteed LTC premiums is something that no outfit will furnish. Key to their business is that they have the legal right to increase premiums if investment earnings and overall claim costs see fit.



Misconception Five: I should wait until I retire to apply for long term care: Postponing your application for long term care more often than not results in unfavorable outcomes. For example, if you apply after you've developed some sort of ailment typically covered by LTC you'll likely not be able to obtain the best rates as you would have had you applied earlier. In addition, you may not even qualify in general if you put off long term care insurance.



Misconception Six: Long Term Care is the same as nursing home insurance: While long term care covers nursing homes/assisted living, most claim dollars are not spent on these features. Most claim funds come from health care in the home.



Misconception Seven: The Elimination Period: The policy does not pay off immediately. It ordinarily takes 90 days for reimbursement to take place. Once you meet the requirements for benefit qualification you start paying for services from a legitimate provider. If you’re unable to do two of the following: bathe, dress, eat, use the bathroom, then you can start getting coverage. These are not the only negative aspects that can commence coverage. Mental impairments that risk your safety are also grounds for coverage. Rendered services during the elimination period have a certain amount of restrictions. For example, if you wanted to rely on friends and family members for help amid the 90 days, the insurance organization won't recognize that as having services supplied. The insurance organization must authorize whoever is providing aid.



Misconception Eight: I can't afford the price: LTC plans are adjustable, and an upfront price can be changed to bring down the cost. For instance, years of insurance coverage or daily benefits can be reduced to drive down cost. The best way to make this product more economical is to work with a reputable financial specialist, as they will help individualize the insurance package that is right for you.

For more information on long term care, including facts, shopper resources, and contact information from an industry leading carrier, visit http://www.ltcfp.com/home.aspx

For more information on long term care, including facts, shopper resources, and contact information from an industry leading carrier, visit http://www.ltcfp.com/home.aspx

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For more information on long term care, including facts, shopper resources, and contact information from an industry leading carrier, visit http://www.ltcfp.com/home.aspx

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