Monday, January 5, 2015

Things Boomers Need To Know About Long Term Care Insurance

What’s your long term care plan? Many baby boomers are thrilled to plan for their retirement. Some already have exciting plans about the places they want to visit or things they want to accomplish. However, many people forget to plan for long term care, but not Mary Bruels’ mother. 

According to Jackie Callaway of, 20 years ago, Mary Bruels’ mother made a life changing decision. At that point in time, Mary's mother, Marjorie, recognized that she and her husband are not getting any younger. She realized that their savings might not be enough to pay for long term care expenses not covered by Medicare.

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Medicare is the government health care insurance that guarantees access to care of elderly and disabled Americans. Although, Medicare cover different types of health benefits like doctor’s fees and hospitalization, it doesn’t cover long term care. Marjorie and her husband decided to invest in long term care insurance because they believes that getting coverage from a private insurance company will protect them in the future.

The couple did not rely entirely on Medicare for LTC assistance. The couple was responsible enough to think about their long term care coverage. They chose to purchase LTCi policy from private companies instead of using their savings to pay for expensive LTC services. Although, the couple knows that they can ask for help from their family, they still bought the insurance because they do not want to put the obligation to their children’s shoulders.

In the past, families are the sole caregivers. If someone in the family becomes bedridden, either the mother or the spouse and children will look after their sick family member. Taking care of a sick loved one is a big deal. It takes dedication. According to longtermcareprimer, the average years a person needs long term care is 4 to 5 years and that is a long time.

Long term care is custodial care. It is not medical care. If you will look carefully, Medicare will not cover most of your long term care needs. Most people have the false notion that long term care is covered by Medicare. However, if you will research, Medicare only covers limited long term care services.

American Association of Retired Persons (AARP), which is a non-governmental organization and interest group in America states that long term care can include home modification to make it easier to more around, technology that helps to be self-sufficient. Personal care assistance like bathing and getting dressed are also included.

Do you want to know if you can benefit from this type of insurance? There are many ways to determine if this type of insurance is for you. First, you can add the income you and your husband are making. Second, find out the cost of care in your area or the state where you plan to receive care. Third, decide on how much coverage you will need. Do you need home care services or community long term care services? Perhaps, you need another feature that will protect your LTCi from the rising cost of care? If you think that the premium can fit your budget, then go for it. You can request for LTCi quote online. There are several companies offering LTCi quotes for their clients.

Moreover, if you want to save on premium, make sure that you buy a policy before you reach 60 years old because after that, premiums will be higher. Also, find out if your company is offering this kind of coverage. There are many companies across the country offering this kind of benefit to employees.

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