Georgia Dees: I can't really answer your questions because you need to assess your needs first before you can create your own policy. But I like your approach regarding long-term care insurance especially now that more people are requiring long term care and most are having a hard time covering the high cost of care. You are in the right track and what can really help you right now is by asking a care planner or ltc specialist about this. Having your needs assessed first before purchasing coverage can help you save tons of money and help you avoid high increase in premiums later on. The key is by exploring your options, limiting your coverage so that it's just enough to satisfy your needs and by availing health discounts. I hope you can create a long term care insurance policy that will not hurt your pocket that much and can still provide you with comprehensive coverage in the future....Show more
Ginny Trickett: The biggest thing you want to look at and understand i! s the definition of 'assistance' in order to make a claim. Some required "Stand by assistance" meaning you only need someone watching you. Some require "physical assistance" meaning someone has to physically help you in and out of bed or in and out of the shower for example. Some require professional assistance, meaning the person must be an accredited medical practitioner (nurse, doctor, etc). Some require that you must be under full time care at a facitlity.you should also look at how the claims are paid out. Some will just cut you a check as long as you meet the 2 of 6 daily activities of living and some are a reimbersement plan.All have their benefits, and it's up to you to determine which benefits are most important to you.Your best bet is to contact an insurance broker. They can compare various different companies LTCI policies to find the one that matches you needs....Show more
Particia Thorton: It all depends on what your current financial situation is. ! The most important thing to keep in mind is that the governmen! t really does not cover long-term care until you're virtually penniless. If you go into a nursing home and have any assets at all, you will be required to spend almost all of it before you are eligible for assistance through Medicaid. Medicare will cover 100 days but it doesn't even cover all costs for that time. Nursing home care can be VERY expensive ($6,000 to $10,000 a month average). You would need an insurance policy that will cover the cost of nursing care AFTER the 100 days covered by Medicare run out.Other types of long-term care like Assisted Living aren't covered by government programs in most states so you'll have to pay out of pocket. With expenses starting at $3,000/month and rising very quickly depending on your care needs, this can be an expensive proposition. Statistics about how much people use long-term care are often misleading. While the average length of stay in a nursing home can be long, it's important to keep in mind that most people never go into a! nursing home. That average is also skewed by the number of people with disabilities that need long-term care for a very long time. The average person will never see the inside of a nursing home, and if they do it will be for short-term skilled rehab following a fall or stroke, after which they'll return home and receive home care.Another thing to keep in mind when looking at long term care insurance is that the average person will not need long-term care until after age 75, and only then if they develop a disability or dementia. There's no point in buying long-term care insurance when you're say, 50, if you probably won't need it for another 25 years, if you do in fact ever need it. Unless you have a family history that makes you believe that you will probably need long-term care in the future, long-term care insurance probably isn't your best bet.If you're interested in protecting your assets, talk to an attorney that specializes in estate planning. Something like an annu! ity that will guarantee income in the future will probably be a better ! way to protect your assets....Show more
Zora Mazzie: Nobody here can really answer your question because what you need will depend upon your personal situation, such as how wealthy you may be (including assets), your current health condition, your age, the amount of premium you can afford, what family your may have, family medical history, how much risk you are willing to accept, etc. In general, the average need for long term care is three years, so you at least want to get enough coverage for that. If you are married it is good to get spousal coverage where you two can share benefits. You will need a daily amount that will cover the average cost in your area minus what you can put toward the cost. You should stay away from nursing home only coverage because most people would prefer to stay at home if possible.Contact a local agent that can work with you to find the best plan for your situation and budget and can answer all of your questions. The agent can explain th! e different plans. There is no extra charge using an agent and you'll have someone local who can help....Show more
Davina Shindler: Medicare will pay for in domicile care - yet in common terms for a pair of hours an afternoon and approximately 2 - 3 days a week. i'm on hospice - paid for by utilising Medicare - and that they simply are available 2 hours an afternoon! I nonetheless ought to pay for a cleansing woman to come lower back in, and for yet another to do my procuring! because it is not going that the two certainly one of you will substitute into terminally ill concurrently, i think of i'd bypass the long term care coverage and purchase some in domicile care coverage - the style that medicare does not pay for! i.e. domicile cleansing, laundry, trash disposal and different issues no longer coated by utilising the government. call a million-800-MEDICARE for further information. wish this helps. CJ...Show more
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