Why Buy Long Term Care Insurance?
Costs of Long Term Care - The Problem
Consider the high average annual cost of Long Term Care in Texas:*
Long Term Care Insurance - The Solution
Should my future plans include long-term care insurance?
Chances are you've already taken steps to protect your future and the future of loved ones-with savings or investments set aside for retirement, health insurance to guard again medical costs, and perhaps a life or disability income insurance policy for protection in the event you die or become disabled. But what about the possibility that you could be faced with the high costs associated with long term care?
A few simple rules can lead you to a decision that's right fo you, you're family and you're future.
No one can accurately predict whether or not you personally will need ongoing care related to a chronic illness or disability at some point during your life. What you can do, however, is make an informed assessment of the likelihood a need might arise, and then use this assessment as a basis to make decisions on:
Making an informed decision is easier than you might think.
Take some time to consider these ideas and decide if long-term care insurance might be important to your future. Be Realistic - Here are a few facts to consider:
Your savings or the sale of assets
Although it could be possible to pay expenses out of your own pocket, you should consider the potential impact-both financially and emotionally-that depleting your savings or selling other assets could have on you and your family.
Medicare was not designed to pay for extended long-term care and should not be counted on as a resource. Medicare mainly covers skilled care after you have been hospitalized for at least 3 days and it generally does not cover personal or home-care services.
Medicaid is designed to pay for nursing home care for those who are very poor or meet other stringent qualification guidelines. In most cases, individuals must use up (or "spend down") their unprotected assets and meet a strict income test -usually $2000 - in order to qualify. Special rules apply with regards to the Texas Partnership Program.
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