Your Family’s Long-term Financial Protection

By Author: Olivia Latimer
Total Articles: 4
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Neither your job nor house can guarantee long-term financial protection because retirement is inevitable and so is long term care. Did you know long term care is the most expensive type of health care service to date? Many people have, in fact, lost their homes soon after they began acquiring care and only those with long term care insurance (LTCI) managed to stay afloat.

There are many ways that you can plan your long term care (LTC) needs to avoid using your personal resources to pay for nursing home care, assisted living, in-home care, or hospice care, to name some of the most common LTC services. Still nothing works like an LTCI policy.

For example, reverse mortgage may ensure you of quality LTC services but while in the process of receiving in-home care or nursing home services you will be constantly disturbed by the fact that once your time in this world is up, the beautiful house that you and your spouse have invested in will go to someone not from your family.

With an LTCI policy you will not have to torture yourself ...
... with that thought because you will never reach the point of having to sacrifice your own home just to be able to acquire costly LTC services. This is exactly why financial experts keep saying that LTCI is the best hedge against the cost of care.

No one’s promising you, though, that you will not spend a single dollar for your LTC once you have purchased an LTCI policy. You will spend a minimal amount especially during the elimination period, which is a requirement that you need to satisfy prior to receiving your benefits, but your total spending will be much smaller than what you would otherwise have paid without this type of insurance coverage.

Benefits of Long Term Care Insurance

When you are over 65, retired, too frail to walk from your bed to a chair, and you need someone to mash your food as you can no longer chew due to weakened jaw muscles or difficulty in swallowing, you will definitely require custodial care.

Custodial care is another term for non-medical care, which is provided to individuals who need assistance with their activities of daily living (ADL), such as eating, bathing, dressing, transferring, toileting, and continence. Very old people usually require this type of care because as people age they gradually experience functional limitations.

It is very wrong to think, though, that custodial care is limited to senior citizens only because even young people could require it due to an injury that leaves them paralyzed, or a disability, or cognitive impairment.

Accidents and sickness do not recognize age so young and old alike should work on effective LTC plans because their regular health insurance policies do not cover LTC.

Now if you are genetically predisposed to a chronic disease that will require years of medical care in a nursing home, all the more that you should plan because this will subject you to more than half a million dollars in LTC costs. Don’t get the notion that medically necessary care will be favored by your health insurance because it still won’t provide you with any coverage.

Most health insurance policies only provide limited coverage for dental and vision checkup and treatment, doctor fees, and selected medical procedures.

Meanwhile, long term care insurance is designed to help people shoulder the cost of indefinite long term care. It is worth investing in this product while you’re young so that you can save on the premium of your coverage.

If you wish to learn more about your LTCI options, contact a trusted insurance agent who is authorized to market this type of insurance product in your state of residence.

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