Why Long Term Care Insurance is Better Than Other Plans

Anyone who says long term care insurance is not worth buying because it is too expensive needs to gather more long term care insurance information because what she knows is not even a fraction of the truth.

Long term care insurance (LTCI) is a product designed to alleviate the high cost of care in the country. It is not similar to regular health insurance policies which only cover short-term care and medical treatments. LTCI policies cover extensive long term care (LTC) services which range from custodial care and medication administration to medical treatments and rehabilitative therapies of individuals who are not fit to live independently due to a chronic illness, injury, or old age.

Individuals who cannot perform the activities of daily living (ADL) such as eating, bathing, toileting, dressing, continence, and transferring without assistance from others are candidates for LTC.

At present, the average daily cost of a home health aide is $152 but this is not inclusive of house chores yet. Home health aides are only responsible for providing patients with assistance in various ADLs. Now individuals who wish to have someone cook for them, clean their house, do their laundry, and run errands for them have to pay additional $144 daily for homemaker services.

Long term care is, indeed, costly especially if you’re going to pay for it out-of-pocket. For the first few months you may not feel the weight of your expenses, but one year later you will realize that your nest egg has dwindled down significantly.

Spare Yourself with Long Term Care Insurance Information

If you wait till your body has turned frail before planning your LTC it will be too late. If you’re serious about coming up with a plan, it’s worth looking into an LTCI policy which will not only be beneficial to you but to your family, as well.

It has saved many people from losing their homes and has prevented children’s ejection from school just because their sick parents needed the money to pay a nursing home. Without this insurance product you’ll eventually have to sell your house and spend down your assets in order to meet Medicaid’s asset limit requirement; if you haven’t done all these already to cover your initial nursing home expenses.

What makes it even more bitter is the fact that Medicaid will only provide you with limited LTC. This federal health insurance program is still in the process of recovering from its big LTC expenditures last year so it has so little to offer for the time being. In fact, a big number of elderly residents receiving care in nursing homes were sent back to their homes or to assisted living facilities where they now continue to receive care through Medicaid funding.

With a comprehensive LTCI policy you can receive care in different LTC settings. To be able to secure this product, you only have to know the type of care that you will need in the future and the cost of care in your area.

For more long term care insurance information you can speak with a licensed LTCI representative who is affiliated with major LTCI carriers.