Are LTC Plans Only for the Seniors?

LTC plans are not only important for retiring individuals because anyone can come down to a debilitating disease, figure in an accident and be seriously injured, and most importantly everybody will lose the freshness of youth at some point in her life and eventually require help in carrying out her activities of daily living (ADLs) such as bathing, eating and dressing among others. Long term care (LTC) is always associated with elderly folks because majority of nursing home residents receiving LTC are senior citizens and mostly women. Forty percent of the population receiving care, though, comprises of individuals from the 18 t0 64 age bracket says the U.S. Department of Health and Human Services. So this data should probably put the issue on LTC planning to rest because obviously, everybody in the country is expected to plan his future health care needs responsibly. Unfortunately, more than 50% of the population think there’s nothing to worry about their future health care needs because they have Medicaid. It appears that they have no idea about the extent of care that this federal health insurance program can provide them. Medicaid is intended for poor families and working individuals with an income that is below the poverty level. If you are earning a decent income then you won’t be eligible for Medicaid unless you spend down your assets until these meet the said program’s asset threshold. Planning your LTC requires ample time so don’t put it off thinking that you are too young to start. By the time you feel that you’re ready to plan your health care needs it might be too late and you’ll never get around to building a concrete plan anymore. Recommended LTC Plans There are actually many different ways to plan your LTC. Elder care specialists and financial advisers would suggest reverse mortgages, annuities, hybrid life insurance, or long term care insurance (LTCI) policies. Among the above suggestions, the best option would be an LTCI policy because this will give you the freedom to choose where to receive care. Moreover, a comprehensive policy will even spare you from nursing home care assuming that you’re one of the 90% Americans who prefer to stay home for as long as they want even when the need for LTC arises. Before you can obtain an LTCI coverage that will suit your future needs, you have to identify first your preferred LTC setting and the length of time that you will receive care here. This is crucial to your plan because it shall enable you to determine how much coverage you’ll need from your policy. For you to be able to identify your future health care needs, take time to visit your doctor. After assessing your present health condition he will associate the results of your physical examination with your family’s health history. Through this, you will be able to have an idea of the type of care that you will most likely need 30 or 40 years from now. LTC plans should be treated with utmost importance because in a couple of years the current costs of LTC will increase 50% instead of the standard 5%. When that time comes, you better be ready otherwise you risk losing everything that you’ve worked hard to own.