As Someone Gets Older, In Many Cases Long Term Care Insurance Becomes a MUST Protection For Your Household

Doctors say my mother has developed Alzheimer's disease. It runs in the family, because her mother developed it too. I'm doing everything to help supplementwise, but for Alzheimers, senility or dementia it is tough. If you have any "miracle cures" then let me know because even in the alternative health field, all my colleagues say Alzheimers is hard to help. The only thing I've ever found is large doses of methyl-B12, which can reverse the signs of senility and dementia if it is caught early enough. That's right, methyl-cobalamin and NO OTHER FORM of vitamin B-12, in high doses, can help reverse Alzheimers and dementia.

Anyway, this disease will become the scourge of this century.

That's why I'm always detoxing my own body of heavy metals and telling you to do the same, and telling you to meditate (which helps prevent it) and do all sorts of other things like increase blood flow to the brain with nattokinase. Since I don't have health insurance coverage, this is a cheap way to help prevent catastrophes other than a serious accident.

I live far away from my mom, and the situation is under control, but for many people my situation brings up the topic of long term care insurance. That's why I'm writing. Bear with me a minute as I tell you what it involves...

 

Here's what you need to know: Medical insurance will not cover the expenses and services that long term care insurance covers. Long term care services are also not covered by your health plan or disability insurance either. It might be something you personally need as you start getting older, or something to buy for loved ones. That's my reasons for writing.

Here are some explanations and statistics to help guide you on whether or not to get long term care insurance.

The studies how that almost half (40%) of the people who receive any type of long term care services are actually under the age of 65, which means they are not all seniors and that its need can strike at any time!

There is also a 50% chance that you will need some type of long term care service after age 65. If your own health situation is in doubt (look at the "genes in the family" by seeing the illnesses that family members are suffering), then long term care insurance is something you must consider carefully since we don't have a national health plan.

Remember, long term care is something you may need if you can no longer perform everyday tasks by yourself and you have no one to help you. Long Term Care includes all sorts of medical and support services for people with degenerative conditions, prolonged illnesses or cognitive disorder (such as Parkinson's, cancer, or Alzheimer’s). So, chronic illness can be covered by long term care insurance, which helps patients deal with long term (chronic) illnesses and disabilities that Medicaid and employer policies do not cover.

The statistics give you something to think about, but what can you expect from this type of insurance?

Well, long term care insurance has 3 types. Long term care isn't the same type of care that you receive in the hospital or your doctor's office. Long term care is not the medical care you need for recuperating from an injury or sickness. It is not for short-term rehabilitation services you need after an accident or surgery.  Rather, it is not necessarily medical care but is "custodial care."

The first type of long term care is the skilled nursing care plan. Only a physician can order this type of service and to qualify, the patient recipient is expected to be able to fully recover from their illness or injuries. Skilled nursing care plans involve treatment by a licensed therapist along with expert nursing care.

Intermediate nursing care plans are the second type of long term care insurance. This nursing care plan must also be ordered by a doctor and once again, the patient recipient must be able to recover from their debilitation. Intermediate nursing care differs from skilled nursing care in that it is not provided on a daily basis. It is basically a "prescribed (by a physician) as needed plan" to get well.

The custodial nursing care plan is the full coverage plan of long term care insurance and includes daily nursing care and assistance for all sorts of activities such as bathing, dressing, eating, taking medications, walking and other services as well (such as catheriterization). The care received can be an assisted living care plan, nursing home plan, or at home plan and can range from a few hours per week to 24 hours per day. The intention is that the patient will not be able to recover from their injuries or illnesses.

One reason many people say no to purchasing a long term care insurance policy is because of the costs, but consider this.

Nursing home care is expensive today. For instance, the national average cost of a semi-private room in a nursing home is $64,240 annually and the average stay is 2.6 years. Depending upon where you live and the type of facility that you would prefer, these costs can be significantly higher and are expected to rise to nearly $200K in 25 years.  Home health care is also expensive; the national average annual cost is well over $20,000 (that's $19/hour at 5 hours per day, 5 days a week for a home health aide) and expected to climb to $68,000 by 2030.   As you plan for your own future or that of your elder, you should consider whether this is an expense you will be able to afford.

So what are the costs of Long Term Care Insurance?

Naturally the costs vary according to your age, health condition and insurance provider ...even seniors can buy long term care insurance but the costs are higher than for someone in their 40's, who might only pay $30-50 in bi-weekly payments. Just a few phone calls or web clicks will tell you immediately what the price range is for your situation or your elder's.

Every long-term care insurance policy is different, so it is crucial to read the fine print before you sign on the dotted line. Here are some questions to ask about any policy you may be considering:

  • What conditions must be met in order to collect benefits? (ex. must there be prior hospitalization before the coverage kicks in).
  • When will it pay for custodial home care or hospice care? Does it pay for any type of nursing home costs or just the costs of nursing homes that provide skilled care?
  • What types of facilities are covered? (Some policies will only pay for care in facilities that meet their definitions of skilled, intermediate, or custodial care.)
  • Are there built-in benefit increases to allow for inflation or is the benefit amount pre-fixed? Will your premiums go up as you get older?
  • Are there any provisions that would provide some coverage should your policy lapse in future years?
  • Are expenses outside your local area covered? What exactly is specifically excluded from your coverage?
  • If you enter a nursing home, will you have to continue paying premiums?
  • Is the policy guaranteed to be renewable? (the policy cannot be cancelled by the company for any reason except premium nonpayments).
  • Remember to check the background of the company providing the policy. Find out how long they've been in business and check with the Better Business Bureau for any complaints.
Here are the absolute don'ts you should follow when deciding which long-term care insurance policy to purchase.
  • Don't sign any long term care insurance policy if the insurer has the sole option of canceling the policy (you want to make sure it has a guaranteed renewable provision).
  • Don't sign any long term care insurance policy containing a provision you don't understand.
  • Don't buy a long term care insurance policy you can just barely afford; remember that the chances are that your premium will be raised in the future.
  • Don't buy any long term care insurance policy if you will have to spend down your assets to qualify for Medicaid benefits within six months of needing care ).
  • Don't buy any long term care insurance policy that pays home care, or custodial benefits, only after skilled care is given first.
  • Don't buy any long term care insurance policy that only covers skilled nursing care.
  • Don't buy any long term care insurance policy that only covers care in a Medicare-certified nursing home, unless there are several in your area

Want to learn more? You're just a few web clicks away from finding out the approximate price for the situation you're in!

 



 



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