As you plan for the future, it's important to be sure you have the security you need. If you're not sure if you need long term care insurance, ask yourself these questions:
What about Medicaid and Medicare? Won't they cover my expenses?
Unfortunately, you probably can't rely completely on government programs like Medicaid and Medicare for help. These programs can be hard to qualify for and they only provide limited coverage for long term care costs. For example, Medicare only pays for up to 100 days of nursing home care - and you have to be hospitalized before you can qualify for the benefits. The best protection against the escalating cost of long term care is your plan for the future.
Could I make it on my savings?
For most people, the answer is no. Even if you have an emergency fund, today's medical costs and your living expenses can quickly exhaust your savings. What's more important, you may need your savings to pay your other day-to-day expenses.
How does long term care insurance work?
Under a long term care policy, you receive a daily benefit to cover the cost of a nursing home stay or skilled or custodial care in your home. Generally, your benefits are paid when you are unable to handle the normal activities of daily living. You can also receive benefits if you suffer a cognitive impairment such as Alzheimer's disease.
|Date Of Birth :||/ /|