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April 20, 2016

Have You Planned For Your Long Term Care?

Have You Planned For Your Long Term Care?

It is true that a lot of people are not planning on getting old, or getting sick in their later years, although these instances are inevitable. With these concerns in mind, people who are of a certain age should already be thinking about their long-term health care.

What is long-term care anyway? How important is this, and is there a process by which to apply for it? If you do apply for long term care insurance, what are the benefits that you can expect from it? The answers to your questions will be presented in this short article. Hopefully, this may change your mind about putting off long term care for a later date, whether it is for you, or someone in your family.

Long-term care generally means that a person will be provided assistance beyond that of a hospital. Some persons who are ill will need help in dressing, feeding, bathing, and other daily activities. Sources explain that people who require long term care do not necessarily have to be sick, as they may just have certain conditions that impair them from doing daily tasks as easily as before. And although the term is long term, it can only last for a few months until such time that a patient recovers, such as an athlete who has had an injury.

Long-term care insurance can greatly help a family who is dealing with an illness or condition with one of its members. Because most people in the family may be at work or in school, a sick family member may need more help than usual. If this sick family member has long-term care insurance, he may be covered for expenses for a housekeeper, caregiver, private nurse, and even stays in hospices or care facilities.

Long term care insurance, aside from covering for expenses of the family, can also be tax deductible. Most people who need long term care do not necessarily have to be old. There are specific conditions that may need a person to be given long-term care, whether it is at home or in a facility. Alzheimer’s disease and dementia are some of those conditions.

According to the federal government, “at least 60 percent of people over age 65 will require some long-term care services at some point in their lives.” The only way to have long term care covered is if you have special long term care insurance, or it comes out of your own pocket. Your generic health insurance policy won’t cover it. Medicare won’t cover it. You need to cover it.

We also will see the cost of private long term care skyrocket in the near future, as inflationary pressures combine with the aging demographics of the population of the USA come into conflict with the shortage in health care workers, which is already causing crisis level problems in the health care system. The end result of this will most likely be the overhaul of the long term insurance system, or at the very least raising costs that outpace most individuals ability to keep up with the payments.

An article by Earl Cronin

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