What’s Your Long Term Care Plan?

Since the Community Living Assistance Services and Supports Act (CLASS Act) reached the dead end before it was even implemented, some experts on the field of health care believe that the government has to tap on other ways to alleviate the country’s long term care (LTC) costs.

One of the suggestions is to expand the coverage of Medicare since its current offerings do not meet the needs of many elderly citizens. Though a good idea, it will definitely take long before it can churn out results because this will involve many minds in Congress.

Long term care is no doubt a persistent national problem because only a fraction of the total population 65 years of age and older has a concrete plan for tomorrow’s cost of care. Most elderly folks are still unsure about their LTC options, if they are considering any at all.

Majority of the country’s senior citizens refuse to purchase a long term care insurance (LTCI) policy even if they acknowledge its importance because they fear the high premium rates. Eight out of 10 baby boomers said in a survey that they are aware that buying this type of insurance product at an older age increases their risk of forking out a fairly large sum of money so they would rather not attempt.

What they don’t see is the opportunity that they can get out of negotiating for a good LTCI policy. Perhaps they were tuned in to another program when Dr. Marion Somers, elder care specialist, explained on The Morning Blend that the annual premium which an insured individual has to pay for his LTCI policy would depend on what he negotiates for.

Although the ideal LTCI policy would be one which completely covers one’s LTC costs, you can opt for a partial LTCI policy and simply pay the excess of your expenses that is no longer covered by your insurance out-of-pocket. Saving and strengthening your nest egg is, after all, part of LTC planning so you shouldn’t neglect your savings in the bank just because you’ve purchased a policy already.

Family Caregivers Receiving Long Term Care

People, mostly women, in assisted living facilities and nursing homes will tell you that once upon a time they were very active and, in fact, their families depended on them.

Statistics show that a big percentage of women who are currently receiving LTC via Medicaid were once unpaid family caregivers. They retired early from their jobs and spent every day of their lives caring for their spouses, parents, parents-in-law, and even children.

Time and effort apart, these women also used up whatever amount of money they have saved from their jobs to ensure the comfort of their loved ones. So when it was their turn to need care, they didn’t have much left in their nest egg and it didn’t take long before they turned to Medicaid for help.

It is never wrong to care for our frail and ailing loved ones but before getting yourself completely soaked in this kind of noble activity, plan your future health care needs first. This way, you wouldn’t be left hanging in the air when it’s your turn to need long term care.