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Know Your Options in Long-Term Care

January 13, 2012 Leave a comment

Are you contemplating on drafting your own long term care plans? Well, that’s one of the best things you can ever do to prepare for your financial future. But before anything else, you better know the different LTCi options you have out there.

Similar to shopping any products, it is essential to identify your needs. How and where would you want to receive care someday? Which type of policy suits you?

Nowadays, there are a range of LTCi policies to choose from, and many states in the U.S. are supporting the ones that are qualified under the partnership program. These are the policies that you can still acquire without depleting your assets. Partnership program also spares Medicaid from covering 100% of the person’s long-term care expenses.

Another option is the indemnity. It is favored by many but tends to be much more costly since it allows the policyholder to be in total control of his or her maximum daily benefit. This means that even if the actual amount of his/her long-term care expenses has not reached, take for instance, half of his/her maximum benefit, the policyholder will still get the full amount of his/her benefits.

Reimbursement is the most common type of LTCI policy these days. However, it is not necessarily the preferred option by many people. When you choose this setting, the policyholder will get coverage of the exact expenses up to the maximum amount of his/her daily, weekly, or monthly benefit.

Now that you know the various options in long-term care, doing your own research should follow. Take time to familiarize yourself with the insurance providers that offer these policies. Take note that every LTCI company has underwriters or people who decide how much the buyers must receive in benefits and pay in yearly premiums.


Surprising Facts About Long Term Care

January 5, 2012 Leave a comment

Many Americans have this misconception that they will never need long-term care. Unfortunately, if they do, they are not fully prepared for the financial problem it may cause to their family, leaving them with no choice but deplete their lifetime savings.

    • More than 50% of Americans are expected to require some form of long-term care at some point in their lives. However, 93% of the total U.S. population is NOT insured for long term Care coverage. This is an alarming percentage.
    • ┬áBy 2026, the population of Americans ages 65 and older will double to 71.5 million.
    • Most younger people are NOT fully aware that their traditional health insurance and/or government-funded support programs like Medicare will not provide coverage for long term care.
    • The average cost of staying in a nursing home annually is between $55,000 and $100,000 depending on where state you’re living in. Expensive, eh?

So if you think long term care insurance not a good investment, better think again. LTCi policy is one way to protect your financial resources. Do your homework first and request various long term care quotes from reputable insurers before you choose a policy.