Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Is Long Term Care Insurance That Important?

By Kaycee Bishop Subscribe to RSS | February 17th 2012 | Views:

Many people wonder what is long term care insurance and why the government and elder care specialists are making a big fuss over it.

Long term care insurance (LTCI) is the only product that provides coverage for nursing home care, assisted living, home health care services, hospice care, and other long term care (LTC) services. It actually offers what regular health insurance does not offer but not many people know this. It could be that or they deliberately refuse to understand the nature of this insurance product because reports of its high premiums have discouraged them from acquiring it.

Most employees think they have nothing to worry about their future health care because they’ve been paying religiously the premium of their health insurance coverage for 20 years or even longer. Some people’s health insurance was even paid for by their employers.

This unnecessary confidence in one’s future health care is actually what worries the government and individuals specializing in elder care and LTC. Nine out of 10 baby boomers are expected to require some level of care between 2030 and 2050 if they manage to live into their 80s and 90s. When they cannot perform the activities of daily living (ADLs) anymore, such as bathing, eating and dressing among others, they are considered LTC patients.

An individual does not have to be diagnosed with an illness before he can acquire LTC. As long as he can no longer do the basic ADLs without assistance from others he is definitely in need of care.

What is Long Term Care Insurance To Most People?

It’s too unfortunate that only a fraction of the country’s population understands that their health insurance only offers short-term services which usually involve dental and vision treatments. And that it won’t pay for the expenses that they would incur from acquiring skilled nursing care or custodial care.

Perhaps that is the reason that out of 300,000,000 Americans only 10 million have managed to secure tax qualified LTCI policies in preparation for their future.

Financial planners said the cost of care is going to increase twofold in 2025 and fourfold later in 2030. If you think you can afford to spend $326,500 every year for a nursing home then there’s no reason to feel baffled about the cost of care.

Meanwhile, if you can’t let a day go by without checking your expenses and how much is left in your wallet until your next paycheck, you’re as human as the rest of America and you need to come up with a concrete LTC plan to preserve your assets and to protect your family from possible impoverishment.

To be able to plan your LTC more effectively, stop analyzing what your health insurance can do for you should the need for LTC arise in the future. Take it out of the picture because it can’t do anything. Take out Medicare and Medicaid, as well, because the first will only accommodate you if you are in need medically necessary care while the latter is designed for the very poor such as those with a monthly income that is below the poverty level.

Look at your other options. What is long term care insurance doing? Don’t you think it’s time you start researching about it? Get in touch with an insurance agent who is authorized to sell LTCI policies and you’ll be amazed with what this product can offer.

Kaycee Bishop - About Author:
Visit our website to get the latest news about CLASS act and also to avail of free long term care quote.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:

Related Insurance Articles Subscribe to RSS

Tradesman Tools Insurance to take care of your equipments
Published by Imar Insurance on November 30th 2011 | Insurance
A tradesman's tools are a vital part of his working life. No matter what sort of trade you happen to...
Online term insurance - Guide to choose the best one
Published by Chris Luke on April 16th 2012 | Insurance
In the Indian insurance segment, there are many kinds of term insurance policies that suit different...
Buying Short-term Ohio Medical Insurance
Published by Tracy McManamon on December 26th 2011 | Insurance
Buying short-term Ohio medical insurance is one of the wisest options to consider when you are betwe...
Payday Loans: short term quick cash for startling expenses
Published by Steve Kobzeff on April 14th 2012 | Finance
Payday Loans are short term hassle free Loans for all sorts of credit borrowers to help them with ca...
Motor care warranty Company failure creates worries for consumers
Published by Jack Paul on February 15th 2012 | Insurance
Financial watchdogs are going to investigate the failure of car insurance companies which has brough...
Citibank customer care - Taking care of the customers
Published by Vikas Purohit on July 1st 2012 | Finance
Citibank Customer Care in Gurgaon takes care of all the problems faced by the Citibank account holde...
Business Accountant Brisbane: Best accountancy services to ensure long-term success
Published by Tommy Jackson on June 19th 2012 | Insurance
If you own an organization or a business firm, you will be aware of the problems you might face if y...
Taking care of finances in Debt Settlement
Published by Rajkumar Kaushal on May 19th 2012 | Finance
Debt settlement finance and financial in debt settlement have assisted a lot of people to save detai...
Compare Cheap and Affordable nevada long term care insurance Quotes Online
Published by Kym Dicken on November 30th 2011 | Insurance
Long-term care insurance has become very popular in the United States and many other countries with ...
Payday Loans are ideal for short term borrowing
Published by James Blee on June 18th 2012 | Finance
Payday loans application process tends to be short simple and quick to complete, especially online l...
Achieve your goals with the long-term Strategic Planning and lead your company on the path of success
Published by Tommy Jackson on July 24th 2012 | Insurance
Once you enter the market with your own business firm, there are issues you need to tackle and probl...
Buying term insurance online - a way to save premiums
Published by Chris Luke on April 26th 2012 | Insurance
Term insurance is a commonly purchased policy in current times as it is the most suitable plan that ...
Medicare is supplemented for special care
Published by William Richards on June 2nd 2012 | Insurance
Medicare supplemental plans include the original plans of the Medicare with an extra benefit and fac...
Take care with supplemental plans
Published by William Richards on June 2nd 2012 | Insurance
The supplemental Medicare plans are to be chosen in accordance to the financial status of the candid...
Taking care of debt settlement
Published by Rajkumar Kaushal on May 12th 2012 | Finance
How do you choose good information on debt settlement bankruptcy in debt settlement? This is one que...
How to Pay for Long-term Care
Published by Adivol on March 20th 2012 | Insurance
Long-term care is provided in a variety of settings – for people of any age. Depending on your nee...