Long Term Care Insurance
Filed Under Activities Of Daily Living, Afforable Life Insurance, Life Insurance Premiums, Long Term Care Insurance, Medicaid |
When discussing insurance benefits, most companies don’t discuss Long Term Care Insurance. Long Term Care Insurance is an extremely important benefit that provides funds for caregivers to meet your healthcare needs at home, in a nursing home, or an assisted living facility. While this type of insurance makes no provision for hospital costs or physician’s fees, it does pay for continued nursing care and can therefore go a long way in meeting your Afforable Life Insurance needs.
This type of insurance becomes effective when you require custodial, intermediate, or skilled care for aspects of a medical condition or problem of three months’ duration or longer. This insurance becomes effective when an individual requires assistance with two or more activities of daily living (ADLs), or when a person is diagnosed with a progressive mental condition such as dementia.
Six basic functions of everyday life that are identified as ADLs are eating, bathing, dressing, toileting, control over one’s bodily elimination functions, and physical mobility. While you may be sure that you will never have problems with these activities, you never know that you are immune to this. Although people live longer today than ever before, American society is less healthy than most other developed countries. One reason for this is the lack of widely available Afforable Life Insurance.
Furthermore, while Medicaid may pick up a portion of nursing home care costs, it does not reimburse for home health care or assisted living facilities. Worse, people who desire to qualify for Medicaid must spend assets paying for care, relinquish existing life insurance policies, and deed homes to the state. For other occupants of the home, including spouses, children, etc., this can result in devastating consequences, especially if they lack Afforable Life Insurance.
Many persons who apply for Medicaid have no idea of the disastrous outcomes they face. Other persons attempt to care for loved ones at home, and have no idea of the demands involved. Caregivers stop working, put personal hobbies and activities aside, and consume their lives caring for the needs of the sick person. He or she assumes responsibility for this person’s life, including helping with a person’s financial matters, physician visits, medications, and basic ADLs.
Essentially, this person becomes the focus of the family. Purchase long-term health care insurance in mid-life, and avoid burdening your family. You will pay a lower premium if you purchase it now. Even persons in good health may require this later, and will pay higher premiums to purchase it when they become ill. Pay a lower premium today - or risk paying high coverage premiums from your retirement savings.
Technorati Tags: Afforable Life Insurance, Life Insurance Plans, Life Insurance Premiums, Medicaid, Activities Of Daily Living, ADLs, Long Term Care Insurance
Comments
Leave a Reply