| What is the need for Long Term Care Insurance? |
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| Written by Maria Smith |
| Friday, 23 April 2010 17:51 |
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Long Term Care is services used by people with chronic illness or disabilities. It is help needed with daily activities such as eating, bathing, using the bathroom, dressing, moving from bed to chair etc. Medicare pays only for skilled care and help with daily activities such as eating and bathing is not skilled care. Medicare does not pay for care in your home, in a nursing home or in an assisted living centre. Medicaid kicks in only after a person's assets are gone.
Long Term Care is services used by people with chronic illness or disabilities. It is help needed with daily activities such as eating, bathing, using the bathroom, dressing, moving from bed to chair etc. Medicare pays only for skilled care and help with daily activities such as eating and bathing is not skilled care. Medicare does not pay for care in your home, in a nursing home or in an assisted living centre. Medicaid kicks in only after a person's assets are gone. Long Term Care Insurance pays for costs resulting from long term care. As life expectancy increases so does the need for help with daily activities. Baby boomers by 2030, will reach the age of 65 and 40% of them will live to be 90. 70% of people over the age of 65 will become to depend on help with their daily activities. At anytime accidents and injuries can happen to anybody forcing them to become dependent on these kind of services. Working adults between the ages of 18 and 64 form 40% of people receiving assistance with their daily activities. Buying long term care insurance at a young age locks in rates that can not be found as you grow older. You can not buy this kind of insurance only at the time you need it or at a time of crisis. Most times children or family want to help. But very often children have their own young ones to take care of or are unable to quit their jobs and relocate to help their aged parents. Maximum coverage long term care health insurance provides you the financial freedom to choose the kind of care you want and where you want to receive it. No one desires their life savings go towards hospital and assisted living bills instead of their family. With long term care insurance your assets are protected and you will still have your savings to enjoy should you overcome the need for help with daily activities when you recover. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Want to find out more about Long Term Care Insurance, then visit Maria Smith's site on how to choose the best Long Term Care Health Insurance for your needs. |