Should you be concerned about the cost of long term care? If you have ever had a close family member in a nursing home, you know how expensive it can be. Likewise, if you have read up on the current predictions, you probably know that most of us have a good chance of needing some for of nursing care in the future. It is an expensive thing we all may need, so we probably should do some planning!
Long term care insurance (LTCi) is becoming more popular. People can buy it from private companies or get group coveage from their jobs. It covers different types of nursing care that people may need. Plans and prices vary, so you will have to look around to see if one is right for you.
Some of these policies are even tax deductible, and that reduces the real price. Others are not. That will be one consideration you may have if you set out to compare policies.
In a few years, we should be getting more help from the CLASS act of health reform. It provides an optional program that people can choose on a voluntary basis. The new program is still not implemented, so I do not have all of the details. From what I understand, the payments will not be enough to cover the whole cost of nursing care, but it should help some people.
Of course, there are federal health plans today. But Medicare only pays for short nursing needs. Medicaid requies patients to spend most of their money and other assets in order to qualify. These are not perfect solutions either.
Some other alternatives may be considered. There are annuities and insurance policies with provisions for nursing care. There is not one right solution for all people, but it is very important to look into the alternatives in case you need it.
Can we help you find no medical exam life insurance for the elderly and compare the long term care insurance costs?
Tags: Elderly, heath reform, Insurance, long term care insurance, medicaid, medicare, nursing care, nursing homes, obabma, politics, retirement planning, seniors
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