Why buy long-term care insurance coverage? Because long-term care expenses could easily deplete even the best laid out financial planning. A lot of people mistakenly think that their health insurance or Medicare will pay for any long-term care services they could need.
#1 – Receive The Services You Need In The Care Facility You’ve Chosen
The truth is that private health insurance merely pays out for physician and hospital bills. Medicare only pays for various professional care for up to 100 days and that is just if certain requirements are satisfied. If you are going to need to get assistance for a drawn out period, then you are going to have to spend down your assets to very nearly nothing before Medicaid pays out. The facilities that Medicaid benefits would pay for are most likely not going to cover the facilities you’ll want to spend your days.
#2 – Alleviate Caregiving Strain On Your Beloved Family Members
Are you deciding to depend on your family members to present you with health care? There is a heavy financial and emotional negative impact that will quite likely be placed onto family members who eventually become caregivers. When you think about it, is it the most suitable option for your family member or for yourself?
#3 – Guard Retirement Assets
The leading reason people choose to purchase long-term care policies is so they will be able to protect their assets if they must pay for nursing home occupancy, assisted living expenses, or home care responsibilities. Individuals who don’t carry this form of insurance are often required to cash in their assets to obtain the medical attention they are going to require. For lots of people, this means selling the house, cashing in on retirement accounts, and emptying savings accounts.
In the event that you develop a severe illness or eventually become physically challenged and are unable to manage yourself for an extended period, you will need long-term care support. Full-time nursing home treatment is as much as $100,000 per year. That’s the key reasons why more people are investing in long-term care insurance.
Typically, if you have more than $150,000 in personal assets, you are going to want to check into long-term care insurance coverage as a means of defending your assets.
When you try to qualify for policy coverage, your physical health habits plus your age is going to be significant to the underwriting process. You have to qualify to buy coverage. Essentially, the younger you are when you find the insurance policy and the better your health and well-being, the lower your premiums will be.
Many people expect they are being financially smart by buying life insurance and owning diversified investments, but the truth is that overlooking the acquisition of a long-term care policy may be a surprising risk to everything you have created financially over the course of your life. Times have changed. We are simply living longer. This means that having long-term care insurance can make a lot of sense.