life insurance nursing home
Most people see insurance as long term care insurance nursing home where, if in fact the opposite. Insurance long term care provides options to avoid nursing home placement, unless a Nursing Home is where an individual prefers to live. And please do not misunderstand me, nursing homes have changed significantly over time and many are now very clean and nice facilities. However, a nursing home is not usually when a person who choose to remain in recent days or months of life unless no other options.
Insurance long term care is becoming increasingly popular as consumers realize that provides options for independence. Many studies indicate that two thirds of people over age 65 require long-stay long-term care. A long stay Long term care is a good way to say nursing home stay or specialized facility. And more than forty percent of people over 65 years experience long-term care stay of two or more years. This is a long time if you're in an installation in a shared room – not a private room with a roommate that you dislike. Thinking back to those college years and consider how you would like to be in a situation similar to the eighties years.
And surprise, Medicare will not pay for long term stay. Medicare covers typically 1-20 days if medically necessary and the progress of rehabilitation occurs. 21-100 days in the individual pays an insurance co-payment of $ 128 per day (in 2008) and after 100 days, the individual is totally responsible by one hundred percent of the cost that averages between $ 175-220 per day (in 2008). As with anything these costs will increase annually by 3-5% percent.
Care insurance long term not only pay for these long-term care is maintained, paid for the care to be provided at home, where most people prefer to live as long as possible. It also pays for day care, assisted living, home modifications and other services according to policy.
Many people mistakenly think that the long-term care is too expensive. Unlike what I ask? A difference of $ 6,000 per month in a downtown long-term care? Compare a monthly premium of $ 200 at a cost of $ 200 per day on a long-term care center and tell me if the long-term care is too expensive?
Many are surprised when the cost of one year in a long-term care center at $ 75,000 is eaten most of their retirement savings. Or when they have to "pass by "to qualify for public assistance called Medicaid. The government has determined that with increasing number of baby boomers who will need care care in the future there is no way possible that the government can fund this assistance.
Thus, the Law on Debt Reduction 2005. This Act provides that persons wishing to receive Medicaid assistance will have to devote all their assets before qualifying for Medicaid. And there five years back term to ensure that assets as housing and money not given away to family members in an attempt to prevent the government from receiving these funds. When the money or resources are given, the government imposes a penalty equal to the sum of money given divided by the cost of one month in a long-term care center. For example, if your parents gave $ 60,000 on today and want to qualify for Medicaid in 2009, Medicaid will accept the request and penalize them for ten months of care. This means they can not receive services through Medicaid for a period of ten months from the date of Medicaid application. This means that if the care is really necessary, children and other members of family personally pay attention.
Even more reasons to consider insurance long term care not only for you, but the purchase of a your parents' policy if they can not afford the premiums. The question is: will they pay now or later will pay for the care of their parents. The parental care and the factors emotional and financial stress a significant impact on the retirement prospects of children. Parents always assume that their children will take care of them, but do not consider the impact on employment, retirement income and even marriage and children.
Do not put yourself, your parents or your children in a situation that requires care and not have a backup plan in paying for care. Because we all pay for care one way or another when they grow up. It's inevitable. We pay for our ability to get insurance long term care to ensure that decisions on our care. We will pay our parents, because they require attention and are not financially prepared to cover expenses. We will pay because we do not prepare for the financial cost of having to receive public attention through assistance called Medicaid.
Unfortunately, the probability that all going to die is one hundred percent complete. The question is how do you want to spend the last years of your life? So you choose or in a manner chosen by you?
About the Author:
Pamela D.Wilson, specializes in long term care planning and education for older adults. Contact her at The Care Navigator or visit ” target=”_blank”>www.thecarenavigatorblog.com”> The Care Navigator Blog for free information
Article Source: ArticlesBase.com – Avoid Nursing Homes by Planning Ahead
