Since the federal government imposed state Medicaid funding cutback, individuals who have been receiving care in nursing homes via Medicaid have been moved back to their homes or to community-based long term care (LTC) facilities in order to preserve whatever is left in the Medicaid coffers.
So, if Medicaid is in your list of long term care plans you’ll be doing yourself a big favor if you would cross it out. What’s the point in settling for free LTC coverage if it doesn’t meet your exact health care requirements?
If you’re in your 40s or 50s, it’s worth looking at long term care insurance for you can definitely clinch a policy with excellent coverage and low annual premium. If you wait till you’re over 65 before buying, your health might be in the state of deterioration by the time and you won’t get any insurance company’s approval anymore.
Your age and health will determine the price of your policy that is why LTCI specialists keep reminding everybody to secure an LTCI policy while he is young and healthy.
Do you prefer to pay $3,500 annually or $680 annually? If you want the latter, straighten out your long term care plans early.
In the second quarter of this year, the American Association for Long-Term Care Insurance reported that there has been a huge increase in the number of insured residents in smaller states. Honestly, this came to me as a big surprise because a few months earlier people were still undecided about their long term care plans.
Many Americans acknowledge the fact that a long term care insurance (LTCI) policy can absolutely alleviate the cost of care. Despite this acknowledgment, many of them remain uninsured as they fear the thought of wiping out their resources to the cost of annual premium.
This fear spurred many of them to look at other options, and to somehow consider these, even though they signal mediocre services.
Medicaid, for instance, is the main target of many hopeless uninsured residents who are thinking that the quality of care they will receive via this federal health insurance program is similar to what insured individuals will be getting.
Absolutely not true.
First of all, individuals with comprehensive LTCI policies have the freedom to choose where they want to receive care while Medicaid dependents do not.
Secondly, the benefits of an insured individual can increase over time according to his policy’s amount of inflation protection.
Now if you’re on Medicaid, you have to make do with whatever this program is capable of providing you; there is absolutely no way that you can make requests because only two-thirds of Medicaid’s total budget is allotted for long term care.