Thursday, December 11, 2014

Useful Tips on Long Term Care for Baby Boomers

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Long term care allows senior citizens to maintain good health and manage their daily life as they stay at home or in facilities. Although it is better to apply for long term care insurance at age 40, many Americans choose to enroll when they are over 60. Long term care for baby boomers is essential for their well-being and even financial stability.  

Baby boomers are born between the aftermath of the Second World War and the start of the Vietnam War. The 1950s saw a big increase in the United States’ birth rate. More than 75 million Americans were born in the baby boomer period.

Many baby boomers are now aged over 60. Some of them may still be physically fit, while others may have visual or hearing impairment. However, some baby boomers need long term care due to chronic illnesses, disabilities, or frail bodies caused by the aging process.

You may be one of the baby boomers, or someone among your family or relatives is a baby boomer. There are various ways to get long term care for baby boomers, discussed on the options available for baby boomers for their long-term care needs.

Get Insured through Medicaid or Private Insurance Policies

First of all, you may want to assess your income and finances. If you find that you cannot afford expensive long term care insurance policies, you can get benefits from Medicaid. In order to enroll, you have to fulfill eligibility requirements. Medicaid initially has around $2,000 worth of asset ownership limit. In this situation, you may have to spend up your resources to achieve that limit.

Fortunately, long term care partnerships between states and insurance companies allow disregard for the asset limit. If you have a low income yet exceed Medicaid’s limit, you can now apply for insurance benefits. In addition, you may get inflation protection and use your insurance even if you move to another state – as long as that state supports long term care partnership.

If you have the will and money to buy a long term care insurance policy from private companies, you may want to take another look at policies. When a policy is presented, read it carefully. Ask the insurance agent about statements that you do not understand.

When you assess a policy, make sure that you are aware of policy conditions. These conditions include benefit period, daily benefit, and waiting period. You may want to ask how premiums are paid. In this manner, you can plan a budget and cope with the increasing expenses of long term care services. As a tip, get an inflation protection or a benefit rider so you can accumulate your insurance money.

If you are a veteran, you can receive long term care from the Department of Veteran Affairs. You get benefits whether you are disabled during military service or if you cannot afford long term care costs.

If your health or physical strength weakens to the point that you need long term care for baby boomers, do not forget to ask help. Keep maximum contact with your family members or loved ones. Create a long term care plan so you do not get in trouble in the future.                   

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