Long Term Insurance

Long Term Insurance Benefits

Long Term Insurance is not like a traditional health insurance policy. Its main purpose is to help cover long-term health care needs and services when you become disabled. Long Term Insurance includes custodial or personal care when and wherever you will receive your care (home or nursing facility.)

The U.S. government reports that not if, but when, around 52% of the elderly turning 65 will need long-term health care. Purchasing Long Term Insurance now will give the patient and their family members peace of mind. Also, the family will not be stressed or burdened with large payments for their elderly loved one’s care.

Cost of Elderly Care

You are probably asking about government programs like Medicaid and Medicare. Today, seniors should not count on these programs to cover long-term care. First of all, physicians admit that they are decreasing the number of Medicaid patients annually. Also, Medicare in their literature admit that they do not wholly cover long-term health care costs.

The costs of caring for your elderly loved ones is currently high and the costs will only begin to skyrocket. Long Term Insurance can help. A policy helps to cover all the care needed when seniors develop a chronic medical condition, becomes disabled, or develops a mentally debilitating disorder like Alzheimer’s.

Long Term Insurance Coverage

Similar to traditional insurance policies sold today, Long Term Insurance is a “comprehensive” plan. It will cover your elderly loved ones both at home or in skilled nursing care facilities. Policyholders are covered for the following:

· Adult day service centers

· Assisted living facilities

· At home skilled nursing care

· Coverage for personal care, i.e., feeding, bathing, and dressing

· Hospice/Respite care

· Nursing home care

· Rehabilitation therapy treatments

· Specialized care facilities like hospice Alzheimer’s settings

But, like most insurance coverage plans, there are pros and cons that you should know about in advance:

Pros and Cons

Pros:

Having a Long Term Insurance policy takes away the care and financial stress of caring for aging adults. The expensive care needed for the elderly will soon deplete your savings. This type of financial hardship is eliminated when there is a Long Term Insurance plan in place.

Cons:

The cost of owning a Long Term Insurance policy is very expensive. Purchasing this type of insurance is dependent upon a senior’s income and assets. If they are only receiving Social Security, Disability, or Supplemental Security income, they should not purchase Long Term Insurance.

Pros:

Long Term Insurance carries tax advantages. You can itemize deductions. Depending on where you live, some states and the federal government will allow you to count for part of or all of your insurance premiums as medical expenses. Also, you can customize your future care with as much or as little coverage as you may need.

Cons:

There are premium specific requirements. These include:

· Health/Age: If a senior has chronic health issues, the higher your premiums will be.

· Gender: Women live longer, therefore their premiums will be more. Also, they are apt to file more insurance claims than men because of their life expectancy.

· Marital status: Single senior premiums will be higher than if they were married

· Coverage: your premiums are higher for more coverage. This can include benefits for each day that care is provided or for a lifetime. Premiums can be increased to cover cost-of-living adjustments. There may be restrictions on the types of care covered.

Pros:

Under a Long Term Insurance plan, there is less pressure on your financial assets during your care. You can plan to keep more of your savings.

Cons:

Your financial situation may change if you acquire a Long Term Insurance policy now, while you are in good health. As you age and your health remains good, you can cancel your policy, but everything you put into your premiums will be lost.

Pros:

The future is unpredictable for everyone. When deciding whether your aging loved one will need long-term care, it is important to choose the right health care insurance. Long Term Insurance is the new kid on the insurance block, and it is the best protection for future long-term health care.

Cons:

If seniors or their families wait until a pre-existing chronic health care strikes, it will be too late to purchase Long Term Insurance because the policy will be too costly. Even if seniors could afford the expensive premiums, they may not qualify for the insurance. Most Long Term Insurance policies require medical underwriting, therefore if your loved one is not in good health, they may be uninsurable.

Trả lời

Email của bạn sẽ không được hiển thị công khai. Các trường bắt buộc được đánh dấu *