The High Demand For Long Term Care

Submitted by: William Clatterbus

Introduction:

Long term care is a way for elderly individuals whose physical and/or emotional condition has rendered them unable to take care of themselves on their own. The need for long term care comes with age, illness, injury, or a terminal condition. Long term care can be both permanent and temporary. Permanent long term care is for those suffering from permanent conditions (i.e. Alzheimer s). Temporary long term care is more of a rehabilitation process that requires a shorter period of care (weeks, months). Long term care is in high demand as millions of baby boomers reach the age of retirement.

Long Term Care Cost:

Paying for long term care can be quite strenuous as yearly expenses exceed the median household income in all states. Government entities like Medicare and Medicaid can help to cover the costs but can only provide coverage to a certain extent. Programs like these do not offer comprehensive coverage and don t give people in need the financial flexibility they need to get the best care possible.

Long Term Care Insurance:

Long term care insurance was developed circa 1980 as a way to assist elders with their retirement funding; funding prior to which was largely neglected by the federal government. But while they are a means of separating ones financial expenditures from government assistance, long term care insurance policies are not for everyone. A typical candidate for a long term care insurance policy is one whose assets aren t the problem; the problem is that they want to use their assets for something other than long term care (i.e. passing them down). With a limited income from one source (i.e. social security, supplemental security income), long term care insurance policies are inadvisable because payment of premiums could be an issue.

Types of Policies:

When bought from a reputable and long standing lender, long term care policies can be flexible and reliable in many different financial and personal scenarios. When it comes to long term care policies, most are individual policies. When buying an individual policy, it is imperative that you shop around. Some companies offer different benefits and combine benefits in different ways, so distinction among the good and the bad agencies is crucial to an effective long term care policy. Employer policies are another option. Many employers who offer long term care under management give their employees policies with group discounts. The biggest advantage, however, of an employer policy is that due to the fact you are still working, you probably wont be subject to a more involved screening process. In addition, many employer policies do not require certain medical criteria as would be necessary in an individual policy.

Conclusion:

Acquiring a long term care insurance policy is a duel benefit. It lets you maintain your independence even as you age because it relieves the policy holder of becoming a burden on their families and having to rely on government assistance. Long term care policies can be bought on an individual basis or through your company. Buying long term care prior to needing it helps in the long run because the younger you are the less you will pay in premiums

About the Author: Retirement is better with

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