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
鈥?Investigate long-term care coverage if you do not want to rely on others to support you, and you want flexibility in services.
鈥?Research individual insurance companies and check their history of raising rates. Contact your state insurance department to learn about rate increases.
鈥?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.
鈥?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.
鈥?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.
鈥?If you have questions or concerns about long-term care insurance coverage, contact your state insurance department.