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Long Term Care Plans: How Expensive or Affordable Are They?

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.

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