Long Term Care Financing

2025 words - 9 pages

Intro Sample...


Long-term care is defined as medical or non-medical care provided to those who have chronic illnesses or disabilities. This care meets health or personal needs such as the activities of daily living. These activities include such things as bathing, eating, dressing and using the bathroom facilities. Care can be accessed in assisted living facilities, nursing homes, community or in the person’s home. Long-term care may be needed at any age.
Long-term care may never be needed. Nine million men and women over the age of 65 will need long-term care this year. Twelve million will need care by the year 2020. Most of these individuals will receive care at home. Seventy percent of the elderly are cared for by family and friends. A... View More »

Body Sample...


You will still be responsible to help offset these costs. (www.medicare.gov/LongTermCare/Static/Home.asp)

PRIVATE LONG-TERM CARE INSURANCE

There is much controversy about the Long-Term Care Insurance policies. Long-term-care insurance can cover most expenses incurred but doesn’t come cheap. Basic coverage will probably cost several thousand dollars a year, and a deluxe model could be three of four times more.
If you can’t afford to spend that much without shortchanging your retirement savings and your life and disability insurance coverage OR you don’t think you can keep up with the payments for 25 to 40 years than long-term-care insurance isn’t for you. (Weisser, 112)


When to Buy

The right time to get long-term-care insurance is around age 60. Agents will encourage you to buy when you are 40 because as you grow older, premiums increase and your chances of passing underwriting screens decrease. Most likely you have financial commitments in your forties and fifties (such as kids’ college). Premium prices don’t really spike until after age 60.
Unless your family history gives you reasons to think your health could fail at a young age then wait. (Weisser, 112)
From a customer’s perspective buying long-term care insurance early in life hold big attractions, stresses the American Association for Long-Term Care Insurance (AALCI). The AALCI said the average annual cost for a 55-year old buying long-term care insurance in 2005 was $772, almost half the $1,456 for a 65 year old. Good health discounts can also result in a considerable difference in costs ...

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