"Eight Myths of Long Term Care Insurance"
Getting older is a well deserved point in any individuals life and has the unparralled benefit of enjoying the greater things in life. But unfortunately, a long life takes a toll on both the physical and financial health of our nations senior citizens. Long term care insurance responds to the needs of senior citizens due to the fact that odds are you'll need long term care following the age of 65. Elderly care is pricey, and LTCi is there to help. Studies show common costs for a full time nursing service range between $ 50,000 and $ 80,000 per year, depending on if the care is given in a facility or at home (with facility care being the more expensive option). A byproduct of the sophistications behind long term care are a series of misconceptions that can deter a senior citizens financial health.
Misconception One: Medicare will cover me: This misconception is listed first because it is the most common myth. Medicare does cover hospital and doctor costs. However, it's coverage does not include custodial care for seniors with long term conditions. For example, if eating, bathing, or remembering medications is a problem, Medicare will not cover the needed aid for these unfortunate health aspects.
Misconception Two: My spouse's help is enough for such pressing matters: Your spouse may be able to support your needs adequately, but this assumption is not ensured. For example, you could outlive your spouse, your spouse may not be able to offer constant guidance (typical of Alzheimer's patients), or your partner's aid couldn't sustain you in the event that you become physically impaired.
Misconception Three: Long Term Care is for everyone: Long term care is optimal for people who live off an average sized income. Premiums can be costly for low income individuals and those whose income is more than average opt out of insurance coverage because they have the means to pay for services on their own. Further investigation of both your income and marital standing are important to take into concern. Aside from your home assets, single persons with $ 30,000 or less in assets and married people with $ 80,000 or less in assets most likely can not afford the costs associated with long term care. Still, if you wish to obtain long term care and your assets are less than advised, paying out of pocket and utilizing Medicaid is your best alternative. As for protected assets, consider LTC if you are skeptical about being able to self insure.
Misconception Four: Premiums remain constant: The promise of guaranteed LTC premiums is something that no company will provide. Key to their business is that they have the legal right to increase premiums if investment profits and overall claim costs see fit.
Misconception Five: I should wait until I cease working to apply for long term care: Procrastinating your application for long term care more often than not results in undesirable outcomes. For example, if you apply after you've developed some sort of condition typically covered by LTC you'll likely not be able to obtain the best rates as you would have had you applied earlier on. In addition, you may not even qualify in general if you put off LTCi.
Misconception Six: Long Term Care is the same as nursing home insurance: While long term care covers nursing homes/assisted living, most claim dollars are not spent on these features. Most claim funds come from health care in the home.
Misconception Seven: The Elimination Period: The policy does not pay off immediately. It generally takes 90 days for repayment to take place. Once you meet the requirements for benefit qualification you start paying for services from a legitimate service provider. If your unable to do two of the following: bathe, dress, eat, use the bathroom, then you can start getting coverage. These are not the only negative aspects that can commence coverage. Mental incapacities that risk your basic safety are also grounds for coverage. The elimination period is not a choice either. For example, if you wanted to rely on friends and family for help through the 90 days, the insurance company won't acknowledge that as having services provided. The insurance company must accredit whoever is providing aid.
Misconception Eight: I cannot afford the rate: LTC policies are adjustable, and an upfront price can be transformed to bring down the cost. For example, years of insurance coverage or daily benefits can be subjugated to drive down cost. The best way to make this product more inexpensive is to work with a legitimate financial mentor, as they will help make specially the insurance offer that is right for you.
Get the details at [http://www.ltcfp.net]
Getting older is a well deserved point in any individuals life and has the unparralled benefit of enjoying the greater things in life. But unfortunately, a long life takes a toll on both the physical and financial health of our nations senior citizens. Long term care insurance responds to the needs of senior citizens due to the fact that odds are you'll need long term care following the age of 65. Elderly care is pricey, and LTCi is there to help. Studies show common costs for a full time nursing service range between $ 50,000 and $ 80,000 per year, depending on if the care is given in a facility or at home (with facility care being the more expensive option). A byproduct of the sophistications behind long term care are a series of misconceptions that can deter a senior citizens financial health.
Misconception One: Medicare will cover me: This misconception is listed first because it is the most common myth. Medicare does cover hospital and doctor costs. However, it's coverage does not include custodial care for seniors with long term conditions. For example, if eating, bathing, or remembering medications is a problem, Medicare will not cover the needed aid for these unfortunate health aspects.
Misconception Two: My spouse's help is enough for such pressing matters: Your spouse may be able to support your needs adequately, but this assumption is not ensured. For example, you could outlive your spouse, your spouse may not be able to offer constant guidance (typical of Alzheimer's patients), or your partner's aid couldn't sustain you in the event that you become physically impaired.
Misconception Three: Long Term Care is for everyone: Long term care is optimal for people who live off an average sized income. Premiums can be costly for low income individuals and those whose income is more than average opt out of insurance coverage because they have the means to pay for services on their own. Further investigation of both your income and marital standing are important to take into concern. Aside from your home assets, single persons with $ 30,000 or less in assets and married people with $ 80,000 or less in assets most likely can not afford the costs associated with long term care. Still, if you wish to obtain long term care and your assets are less than advised, paying out of pocket and utilizing Medicaid is your best alternative. As for protected assets, consider LTC if you are skeptical about being able to self insure.
Misconception Four: Premiums remain constant: The promise of guaranteed LTC premiums is something that no company will provide. Key to their business is that they have the legal right to increase premiums if investment profits and overall claim costs see fit.
Misconception Five: I should wait until I cease working to apply for long term care: Procrastinating your application for long term care more often than not results in undesirable outcomes. For example, if you apply after you've developed some sort of condition typically covered by LTC you'll likely not be able to obtain the best rates as you would have had you applied earlier on. In addition, you may not even qualify in general if you put off LTCi.
Misconception Six: Long Term Care is the same as nursing home insurance: While long term care covers nursing homes/assisted living, most claim dollars are not spent on these features. Most claim funds come from health care in the home.
Misconception Seven: The Elimination Period: The policy does not pay off immediately. It generally takes 90 days for repayment to take place. Once you meet the requirements for benefit qualification you start paying for services from a legitimate service provider. If your unable to do two of the following: bathe, dress, eat, use the bathroom, then you can start getting coverage. These are not the only negative aspects that can commence coverage. Mental incapacities that risk your basic safety are also grounds for coverage. The elimination period is not a choice either. For example, if you wanted to rely on friends and family for help through the 90 days, the insurance company won't acknowledge that as having services provided. The insurance company must accredit whoever is providing aid.
Misconception Eight: I cannot afford the rate: LTC policies are adjustable, and an upfront price can be transformed to bring down the cost. For example, years of insurance coverage or daily benefits can be subjugated to drive down cost. The best way to make this product more inexpensive is to work with a legitimate financial mentor, as they will help make specially the insurance offer that is right for you.
Get the details at [http://www.ltcfp.net]
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