Another concern that prevents Americans from buying long term care insurance is the lack of guarantee that their LTC insurance premiums will remain the same over the years. They are bothered by the thought that after years of paying, their premiums will increase to a point where they can no longer afford paying for it, which will then lead to the cancellation of their policies. Unknown to many, there are long term care insurance features that can help you avoid or lessen the risks of premium rates increase. Single Premium Long Term Care Insurance The single premium long term care insurance allows a policy owner to be insured for life by making just one lump sum payment. Of course, this would mean he needs to set aside huge amount of money but the good thing about this is after making the lump sum payment,
Everyone will be subjected to the high costs of care because he will need care one way or another for the reason that no one stays young forever. However, it is not impossible to be resistant to these costs through a long term care insurance policy. If you’re wondering what is long term care insurance, it just happens to be the most important investment that people can make to protect their finances. In just a matter of 18 years, the youngest member of the baby boomer generation will turn 65 and the country will have a total of 70 million elderly people by then. Members of the baby boomer generation are expected to live beyond their 80s so they are constantly pressured to plan their future health care needs because as people get older, they become less healthy owing to their weakened immune system.
You probably do not want to think about getting old but it is a reality that not one of us can escape from unless we die at an early age. To prepare for old age, a lot of us religiously save for retirement, but oftentimes, we do forget to plan for long term care. Unfortunately, according to the US Department of Health and Human Services, at least 70% of those who survive to the age of 65 will need long term care. With the its costs running close to a hundred thousand dollars annually, the best option to prepare for it is to have long term care insurance. What is LTC insurance? Unlike typical medical insurance which covers services that are focused on prevention, diagnosis and treatments of diseases, LTC insurance provides coverage for assistance in the performance of routine activities of daily
Although much has been said about the benefits and importance of a long term care policy, many Americans are still not familiar with a lot of the basic features found in this type of coverage. This is the reason why private insurance providers, together with some government agencies, are continuously holding campaigns to share information and educate consumers about different long term care policies. A long term care policy is there to cover the expenses of the insured person when it comes to custodial care, i.e. skilled and non-skilled medical services and daily living assistance. The services include, but not limited to, nursing and adult day care facilities, rehabilitation and therapy, use of medical equipments and facilities, and care from licensed medical professionals. Although they offer nursing home assistance, the insured individual still has the option to receive care at the comfort of his
Are you still undecided with your long term care plan? Perhaps some long term care insurance information will help you piece it together. Long term care insurance (LTCI) is the only insurance product that provides extensive health care coverage for infirm, injured, disabled, and chronically ill individuals. It should not be compared to regular health insurance, let alone be treated as a duplicate of the latter because the offerings of an LTCI policy goes beyond dental and vision related treatments or other minor medical procedures which are basically the scope of a health insurance policy. People who buy LTCI policies do not want to be a burden to their families should they wind up requiring long term care (LTC) someday due to an event or condition that would result in their functional limitations or cognitive impairment. In case you are not aware of the
Since the expansion of the Partnership Program, an offshoot of the Deficit Reduction Act of 2005, more residents in Texas have managed to plan their future health care needs via Texas long term care Partnership policies. Prior to the expansion of the Partnership Program, Texans had to put up with pricey long term care insurance (LTCI) policies. They didn’t have a choice at the time. Some even opted not to purchase any coverage at all for fear that they might not be able to maintain their annual premiums. So when the Partnership Program was made available in the state many people took it as an answered prayer. Partnership-qualified LTCI policies offer so many features but these do not cost more than non-Partnership policies. One of the notable offerings of a Partnership LTCI policy is the Medicaid Asset Protection which states that for every dollar
Due to several complaints of elder abuse from elderly caregivers in long term care facilities, a lot of families now resort to using surveillance cameras to help protect their loved ones. Based on the numerous counts of elder abuse discovered as a result of installing surveillance cameras, the actions of these families proved to be essential in ensuring the safety of the elderly population. Just this year, family members of 96-year old Eryetha Mayberry installed a hidden camera in her room at Quail Creek Nursing and Rehabilitation Center (Oklahoma City) following suspicions that someone in the facility is stealing from her. The video revealed even worse; Mayberry was abused several times by the very person she depended for care. In one occasion, elderly caregiver Lucy Gakunga was seen shoving latex gloves into the patient’s mouth while her companion Caroline Kaseke watched. In another incident,