Understanding the Basics of Long-Term Care Insurance
People with disabilities that limit their ability to perform various functions independently need medical or social services designed in a Long Term Care (LTC) package in order to meet their needs. LTC is available for both skilled and unskilled care and can be provided in an adult day care, homes, or nursing homes. Regardless of whether the LTC has been recommended by a doctor or not, investing in long term care insurance is a viable idea for every citizen. There are certain steps you can follow in buying a flexible and affordable LTC that can support activities of a daily living (ADL).
Older people who can’t perform ADLs on their own due to illnesses, cognitive impairments like Alzheimer’s disease or prolonged disability require LTC services. If you can’t perform basic ADLs, a doctor will prescribe a professional LTC service for you.
The cost of care
Although the care insurance doesn’t come easy, you should consider consulting widely and using a credible calculator in getting the best affordable package suitable for your budget. If you cannot be able to afford Medicare or qualify for the government-sponsored Medicaid, then you should consider buying a long term care insurance policy. Medicaid only applies to individuals who have exhausted their resources and meet other eligibility requirements.
How it works
The cost of long-term insurance can seem to be as prohibitive as the cost of care. The field of this insurance policy is also a bit confusing/unregulated, and hence should be approached cautiously. There is a chance that your premiums might shoot up without warning. You ought to discuss the details of the policy with the insurer before signing up any contract. Most experts’ advice is that you should buy the policy when you are younger and healthy since premiums are lower.
Benefits of the long term insurance policy
The long term insurance policy can help greatly in saving on prescription drugs, eye exams, and hearing aids. Even if you’re lucky to have family members or close friends who are willing to take care of you, they might not be able to sufficiently do so due to lack of proximity, technical care expertise, or strength of their own. Furthermore, there is a huge health care inflation that will be too much to handle on your own without the support of the care insurance policy.