Do You Need Long Term Care Insurance

Do You Need Long-term Care Insurance?

With rising healthcare costs and longer life expectancies, funding long-term care needs is an increasing concern for millions of Americans.

Understanding the Basics

When people are unable to perform activities of daily living-such as eating, dressing and bathing-long-term care insurance can pay for the services of nursing homes, assisted-living facilities and in-home caregivers. Long-term care insurance covers expenses for those with a chronic illness such as Alzheimer’s disease or diabetes.

A major consideration for purchasing long-term care insurance is whether individuals have assets they want to protect, because the annual cost of long-term care can deplete even a sizeable nest egg. Individuals whose retirement savings are minimal or non-existent would likely qualify for Medicaid, thereby diminishing their need for long-term care insurance. According to the NAIC, consumers should not purchase long-term care insurance if their only source of income is Social Security.

Tips Regarding share our website Long-Term Care Insurance

• Investigate long-term care coverage if you do not want to rely on others to support you, and you want flexibility in services.

• Research individual insurance companies and check their history of raising rates. Contact your state insurance department to learn about rate increases.

• Make sure you understand what long-term care insurance covers. Ask questions-make sure the company is reputable and licensed to sell insurance in your state.

click this site Don’t rely on Medicare or Medicaid to cover your long-term care needs. Medicare will usually pay for a small percentage of nursing home costs. Medicaid pays for long-term care services, but only if you meet federal poverty guidelines.

shadow fight 2 hack tool Do not divulge personal, financial or medical information over the phone, such as your Social Security number or health status.

• If you have questions or concerns about long-term care insurance coverage, contact your state insurance department.