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Simplifying Long Term Care Insurance

What is Long-Term Care? When peoplepurchase long-term care insurance
consider the subject of long-term care,through the new Federal Long-Term Care
they often think about nursing homes. InInsurance program. The result is that
fact, long-term care has little to doconsumers are forced to pay privately
with nursing homes. Understanding thefor their care.
difference can help you protect yourUnfortunately, the best thought-out
family and finances.retirement plan rarely takes into
The Consequences of Living Longerconsideration living a long life. Put
Long-term care is a continuum of careanother way, those assets and income
services and housing that you will needhave been allocated to pay for
later in life. Think you won't live aretirement, not for the consequences of
long life? Think back 25 years ago. Ifliving a long life. This results in the
you had cancer or a stroke, you simplyneed to invade principal and divert
died. Few ever heard of Alzheimer's.income. As a result, one of a seniors'
Today, it is the leading cause forgreatest fear, outliving their assets,
long-term care services. The longer youliterally may come true.
live, the more likely you are to needThe Role of Long-Term Care Insurance
care. The question is not who will takeThe use of long-term care insurance thus
care of you, because your family willbecomes an important part of planning
most often, but rather what will thatfor disability caused by living a long
care do to your family and finances.life. The product has two roles: helping
Long-Term Care is Usually Custodial Carekeep families together and allowing your
Long-term care is defined as needingretirement portfolio to execute for the
assistance with your activities of dailypurpose for which it was intended,
living (toileting, bathing, dressing,namely retirement.
eating, transferring from one point toFrom a family perspective, who will
another, and continence). It alsoprovide your care? Like it or not,
includes cognitive impairment so severechildren will play a key role. Long-term
that the individual needs constantcare insurance (LTCI) doesn't replace
supervision.the need for family involvement in
If you need custodial care, chances areproviding care but rather builds on it.
it will be delivered in the community,It pays professionals to assist the
not in a nursing home. Many of you haveperson with the toughest tasks such as
heard compelling statistics from The Newtoileting, bathing, feeding and
England Journal of Medicine stating thatcontinence. This, in turn, allows the
43% of those over age 65 will needfamily to provide care better and longer
nursing home care. What the articleat home. That leads to a critical
actually said is that that number mayquestion: have YOU planned for the
spend some time in a facility. The factconsequences of living a long life?
is, few end their days in one. EveryFrom a financial point of view, LTCI
study conducted finds that care isallows your retirement plan to stay
overwhelmingly provided at home. The keyintact. That is particularly important
question, of course, is who is going togiven the recent steep decline in
pay for it? Who Covers the Cost?portfolio value. The product, in effect,
Medicare & VAprotects the balance of your account
Medicare, the primary health carevalue.
program for retirees pays only forLTCI also protects income. Although you
skilled or rehabilitative care, notmay qualify for Medicaid to pay for
custodial care in any venue. Medicaid, anursing home costs by transferring
federal and state program forassets, your income (pension, social
financially needy individuals will paysecurity, IRA and or 401k payout) cannot
for custodial care, but primarily inbe protected. When buying this
nursing homes. Funding for home care andinsurance, look for a long-term care
assisted living is very limited andspecialist. Consider their training,
based on availability of funds. Veteranseducational credentials, and commitment
believe that the VA will pay for hometo help solve your long-term care needs.
care, adult day care, or assistedThe key is whether they talk first about
living. As with Medicaid, funding isa plan or a product. If they are
limited and generally based oninterested in the plan, you are dealing
service-related disability. In fact, thewith a professional. If they focus first
federal government has as much said thison product and price, consider getting
to veterans by encouraging them toanother opinion.



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