What You Need Too Know About Planning For Long Term Health Care

Posted by on May 3, 2012 | No Comments

The future is doubtful and anything can occur. You’ll live a long and active life, only to die at the age of 102 while you are out on your daily jog, or you may suffer from a stroke at the age of 62 and require long term care to help you accomplish your daily activities. As a consequence, you must start planning for long term medicare to guarantee thay you don’t have an unexpected event that could leave you as a financial burden on your family.

Planning for long term health care boils down to 2 factors : savings and insurance. If you have a large savings, you will be able to use it as a cushion while you get long-term care insurance to help pay your costs, without dipping into your savings too much. When you get long term care insurance, you may be paying the premiums for many years before you start to think about collecting benefits on it, but when you do you will have a wonderful monthly income that may leave your savings untouched.

You may have $50,000 saved up in the bank, or even more, but when you factor in all your expenses, particularly the fact it can costs $5,000 a month to stay in a retirement home, your $50,000 vanishes after only ten months. If you have $500,000 saved up, then your savings will cover you for about 8 years, but if you are 62 when you suffer a stroke that leaves you short of daily care for 10 years, you are two years too short. However, if you’ve got a plan that pays you $2,000 a month, you’re able to increase your ability to pay for your nursing home and your home care by an another five years. That comes from only paying $40 a month or more into your premium!

It is incredibly necessary to start planning for long-term health care because when you’re young, your premiums will be far less than when you’re older. As well, almost 50% of all individuals who collect on long term care insurance plans are people below retirement age. Accidents can happen and you don’t want to be a burden on your folks when you were an asset before. Planning your long-term medical care through long-term care insurance programs means that won’t happen and you may receive the care you want, while your family does not need to luck out financially.

Conclusion long-term health care needs can happen to anyone, from the earliest age to the oldest. To make sure that you are able to afford the high costs of nursing and home care, you will need to start planning your long-term medicare. This is done through getting long-term care insurance policies that may give you the cushion you need to enjoy life in a nursing home, while not having to fret about your financials. Savings will run out ultimately, so you should lengthen them as long as you can by planning your long term medicare with a long term care insurance plan.

You should ask for help from an insurance representative who makes a speciality of long term care insurance to respond to any questions.

Before you go out and buy a policy go to LTC Financial Solutions, ask questions and request a long term care insurance. We represent 20 of the top LTCi providers. This gives you tremendous options.

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