10 Tips On Planning For Long Term Care

Long term care is required by the young and old due to a terminal illness, injury or old age.nnThe period long term care is required can vary from a few days or weeks to many years. According to studies conducted by insurance professionals: around 3% of long term care patients are under 18 years of age; around 40% are between 18 and 64 years of age; and 57% are above 65. And government programs can only pay for around 16% of long term care needs. The rest has to be borne by the people themselves.nnCosts of health care are steep and just nursing could cost over USD 40000 a year. Home care too costs over USD 200 a day. Since costs are rising everyday it is best for individuals and families to plan for contingencies like long term care needs by taking insurance policies early.nnIt is important to create a long term care plan:nn1. It is important to prepare for the future from a young age. Invest wisely in insurance plan that will take care of long term needs. Create a folder with instructions detailing care preferences, medical treatments, and the documents that will provide for extended treatments.nn2. Choose a care advocate who will ensure that your wishes regarding long term care are carried out. The advocate will take the responsibility of arranging the funding and the care giving services.nn3. Invest in a reliable long term care insurance sold by leading insurance companies that will take care of medical as well as non medical needs.nn4. Make a thorough research on long term care insurance policies and choose a company that is established and reliable.nn5. Plan the premium payments. Ask how much the premiums will cost with increasing age. And make provisions so that you will be in position to pay the premiums when it will really matter and not have to abandon the long term care insurance policy.nn6. Ensure that the policy you are selecting covers cost of day-in, day out care and home help, medicines, and doctor's visits. Take the help of a knowledgeable insurance advisor in case there are any problems.nn7. Ask for a policy that includes inflation protection. This is critical in the case of long term care insurance. The options vary from company to company; some offer the right to buy additional coverage in the future while others offer inflation protection within the premiums paid.nn8. When filling in forms fill in the answers honestly. Check and recheck the form. Also make sure you understand the fine print in the policy and all the terminology.nn9. Ask for outlines of coverage from several companies and compare the coverage before investing in a long term care insurance policy. If you have any doubts get a clarification from the agent or insurance company.nn10. Maintain accurate medical records in an accessible file. And keep an update of changes in insurance laws and coverage as time passes by.nnLearn how to protect your long term interests.