Should You Buy Long Term Insurance Or Long Term Care Insurance?

Should You Buy Long Term Insurance Or Long Term Care Insurance?

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Theres a lot of debate over who needs to buy long term insurance these days. People are living longer, and health care is becoming more and more expensive. So the short answer is that anyone who plans to live for a while and who wants to protect themselves financially should take a look at long term health insurance.
Arent Government Programs Enough?
One of the most common misconceptions about long term care is that Medicare and Medicaid make purchasing your own long term care coverage unnecessary. But what many people dont understand is how limited Medicare coverage really is. Medicare requires that first you must have spent have spent three consecutive days in the hospital before it will pay anything. Afterwards, Medicare pays only if youre admitted to a certified nursing home within 30 days of having been released from the hospital.
Even after youve entered a nursing home, Medicare pays limited benefits. Medicare pays your full expense for the first 20 days in a nursing home. After 20 days, you have to pay $128 day for your care, and Medicare will pay for the rest. And if youre still in a nursing home beyond 100 days, Medicare pays nothing.
If youre lucky enough to be able to return home, Medicares benefits are even lower. You can receive benefits for short-term care in your home, but only if your doctor authorizes the treatments and only if youre completely unable to leave your home. If you need help with activities of daily living feeding, bathing, and eating Medicare provides no assistance whatsoever.
Medicaid, on the other hand, does pay for long-term nursing home care. But in order to qualify, a person has to have a very low income and very little in the way of financial resources. Before Medicaid begins to pay, you must have used up any savings you have, any retirement income youre receiving, your Social Security payments and any other pension you might be entitled to.
If you do qualify for Medicaid benefits, you have very little say about where you can go to be cared for. Some facilities have Medicaid-approved beds, while others do not. And the likelihood that youll stay in your own home is very small. Home care services tend to be very limited under most states Medicaid programs.
You Have To Look Out For Yourself
If your plans for the future include remaining independent during aging, protecting yourself financially, and having a say in what kind of care you get and where you would like to receive it, then long term insurance or long term health insurance is something you need to take into consideration. Long term insurance is most important for individuals who:
Are older than 45 and younger than 75 years old
Have financial assets that they want to preserve as an inheritance for their heirs
Have multiple streams of retirement income, including employment, investments and Social Security
The cost of your long term health care insurance policy depends on a number of factors, including your age, your health, the benefits that youre interested in, and the duration of benefits that you select. Once youve purchased a policy, your premiums will remain the same regardless of changes in your health, and will only increase when they rise for all policy holders in the same class in your state.
Wondering if youre someone who should think about buying long term insurance? Please call (866) 972-3262 to speak with an experience long term care insurance specialist to learn more about long term health insurance and best & most affordable quotes and rates or complete the Long Term Care Quote request now.

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