Long term care goes beyond hospital service or medical care. If you will take some time to research on long term care you will realize that it is actually more important than your regular health insurance.
Your health insurance policy does not and will never cover the expenses that you will incur from long term care which you have a high likelihood of needing. Regular health insurance policies only cover medical treatments and doctor’s fees but not custodial care which is a form of long term care (LTC) that includes assistance with one’s activities of daily living (ADL) like eating, bathing, dressing, toileting, management of continence, and transferring.
You could be thinking that only individuals who are seriously ill need assistance with their ADLs but the fact of the matter is that 70% of the population over 65 years old are currently receiving care in different LTC settings. Meanwhile, 40% of LTC patients come from the 18 to 64 age bracket.
Anyone regardless of age may need LTC at some point in his life and without a well-structured plan he risks losing what took him years to acquire. This could be his home, nest egg, small business, and other valuable assets.
It is important to note that LTC is not limited to disabled people and the elderly. Individuals who figured in accidents and sustained head injuries, damaged their spine, legs, or kidneys also qualify for this type of health care.
Long term care should neither be a threat to your finances nor be ignored if the need for it arises. If you start looking at the options which LTC experts and elder care specialists have laid on the table, and study each seriously, you can readily acquire LTC should you require it in the future.
You can plan your LTC with a long term care insurance (LTCI) policy, reverse mortgage, hybrid life insurance with LTC rider, and annuities among others. Before deciding which platform to take, be sure to identify your future health care needs and shop for long term care quote first so that you know exactly what to prepare for.
Research on Long Term Care Settings
Every LTC need has a corresponding setting. For instance, if you are genetically predisposed to Alzheimer’s then your likelihood of needing skilled nursing care is high so you should definitely consider a nursing home in your plan.
Say no one in your family had succumbed to a life-threatening illness but you’ve had grandparents, uncles and aunts who spent their later years receiving care at home. Don’t you think you should consider the possibility of requiring the same thing in the future?
In creating an LTC plan you are simply anticipating what could befall you health-wise. You do not have to be 100% accurate but your estimation should somehow be close enough to your potential needs.
Research on long term care facilities for you to be able to identify which will suit your future health care needs. Familiarizing yourself with the rates of each facility is also advantageous as this will enable you to prepare for the cost of care which you will likely face someday.