Planning ahead for Long-Term Care
According to the Department of Human Services and Health 40% of individuals over the age of 65 will need some type of in-home care for at least a year. Around one third of the population will go to a nursing home and about half of those that do go only 30% will stay for up to three years.
The cost for this care is rather expensive and if you don’t have a plan it can be catastrophic. So what are some options to make sure that you are protected from dreadful costs? Below are 4 options according to Thomas A.[…]
What qualifies me for Long-Term Care Insurance?
When purchasing Long-Term Care insurance a lot can factor into the process of being qualified. Just because you are able to afford LTC doesn’t mean that you will qualify for approval. Here are a list of qualifications:
-You are in relatively good health
-Average approved applicant age: 50’s or younger
-You are unable to perform at least two daily activities
-You require substantial supervision
There are also a list of conditions that automatically hinder you from getting approved for Long-Term Care insurance. Here is a list of conditions that would prevent you from qualifying:
-AIDs or HIV infection
-Alzheimer’s Disease
-Amyotrophic Lateral Sclerosis (ALS)
-Cystic Fibrosis
-Dementia
-Hemophilia (other than Von[…]
10 LTC terms you might not be familiar with
Below are 10 Long-Term Care Insurance terms that will give you a greater understanding of the language in LTC.
Assisted Living Facility: Residency or housing that allows people that cannot live independently with disabilities to live and be assisted in their day to day.
Acute Inpatient Rehabilitation Facilities (Acute Rehab) : People who suffer from injury or illness that cannot live independently work on daily activities to help them return back home.
Independent living facility: Also known as retirement communities or senior living communities, allows seniors 55 and older to live independently with a third party home care service.
Custodial Care: A non licensed or[…]
Who needs long-term-care insurance?
Who should buy long term care insurance?
Anyone who has something valuable that they want to protect or that has daily needs due to a chronic illness or a variation of disabilities. Having basic coverage on long term care insurance covers basic daily needs over an extended period of time. The Agency of Aging says, ” someone turning 65 has a 70 percent chance of needing some type of care of long term care coverage for their remaining years.”
Financial risks in purchasing long term care insurance?
Purchasing long term care insurance does have a cost, but a cost that outweighs the[…]
9 Ways to Help You Pay For Long-Term Care
Long-Term Care Insurance Policies
LTC insurance policies reimburse policyholders a daily amount for services to assist with activities of daily living. You can pick the benefits, care options, amount of coverage, length it lasts, and how long you wait before receiving the benefits. Normally, you pay an annual premium for life or you can pay a set amount monthly. If you already have a debilitating condition you are likely not eligible for LTC insurance.
Hybrid Policy
Annuity combined with life insurance policies[…]
Assisted Living vs. Nursing Home: How to Choose
Deciding when it’s time to look for senior living arrangements for a loved one can be overwhelming. There are many types of senior living options but the two best known are assisted living communities and nursing homes. First and foremost you must evaluate and understand the needs of the person and their personality. This will best prepare you for your search, findings, and decisions.
Defining the two…
Nursing Homes:
Residents in nursing homes require 24/7 care, medical support, and monitoring. These are normally people with complex, chronic, and or debilitating health conditions. Due to their[…]
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