Elderly Care: Long Term Care
Posted in Health Insurance
February 25th, 2009
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If you have a disability or chronic (long-lasting) illness, affording even the necessities can be a struggle. Long-term care health insurance is a type of specialty insurance coverage which can help assist in providing the proper treatment for the types of previously mentioned conditions. Those with long-term health care insurance can get the help they need.
Long Term Care Options
Long-term care coverage includes:
- In-home help for maintaining your daily routine such as bathing, dressing and cleaning
- Paid access to community programs such as adult day care
- Nursing home care
- Assisted living housing
If it is your ultimate goal to maintain a level of independence from your family, have control over the type of care you want to receive and protect your assets, long-term care insurance may be a wise investment. Federally funded programs such as Medicaid will only take affect if you have already spent a substantial amount of your savings. Since long-term care insurance is costly, between $1500-$8000 annually depending on the policyholders age, you should consider the costs and see what your budget allows for.
Preparing for Long Term Care
Consumer Reports suggests that unless you have a chronic disease, you need not worry about this expenditure until the ages of 60-65. Although the best time to lock in low rates is when you are still at your peak of health during your middle aged years, you should put off securing a long-term policy until retirement is closer on the horizon. However, that could mean that you pay for a policy you will not need to use for another 40+ years.
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