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Long Term Health Care and You

Infomanic | Oct 15, 2009 |

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Long term health care may not be something you want to think about. Long term health care is generally associated with nursing home stays. It is expensive, and it can wipe out all of your assets. Long term care insurance can help pay for these costs.

It is easy to believe that long term care is only for elderly people. This is not always the case. Individuals can become disabled or incur a chronic illness that will require a stay in a long term care facility, or require long term custodial support. Custodial support includes support for daily activities such as getting dressed, bathing and meal preparation.

There really is no good time to get long term health care insurance. At the same time there really is no bad time. Your present health is one of the factors in determining your premium. There is a forty percent chance that you will be placed in a nursing home, provided that you reach the age of 65. Ten percent of individuals who need to go into a nursing home will stay there for five years or longer.

It is important to choose your medical care insurance provider carefully. Reading articles online and following links are a good way to find more information on long term health care insurance providers. It is important to plan for your future health care needs.

Determine what types of care you need.
Consider how these needs may change over time
Determine your choices in terms of insurance companies and providers
Understand how much insurance is going to cost and how much you can afford

Understanding the above is the basis for determining what kind of insurance coverage you will need when you retire. When seeking a long term health care plan you need to understand the protection provided.

Many companies only provide a fixed daily amount. There is no inflation protection. You may need Medicare supplemental insurance to cover the gap.

The length of coverage is another issue to understand. Insurance companies will offer you coverage anywhere from two years to the end of you life. Typical nursing home stays will require three to five years of coverage.

Insurance companies are for profit enterprises that are bought and sold and sometimes go out of business. All of these business realities may leave you with reduced or no coverage. Know the health of your long term health care insurance company.

Shop around online to find long term insurance quotes.