Yes, most long-term care is at home, so LTC insurance policies pay more for home care than assisted living or nursing homes.This article has some very sound advice. Buying long-term care insurance at all ages is one of the kindest things families can do for each other. Not only do children wind up taking care of parents who don’t plan for long-term care, but parents sometimes turn into unexpected caregivers of an adult child who is the victim of an accident or disabling disease. Americans should ask their employers to offer Long-Term Care Partnership plans to employees of all ages for two reasons: 1) employer-sponsored plans cost the employer nothing but are usually offered with limited health questions which makes it possible for most employees and spouses to qualify; and 2) Partnership plans allow policyholders to access Medicaid if the insurance isn’t enough while keeping assets equal to the benefits paid by the policy. They are available in most states. http://www.dehpg.net/ltcpartnership/map.aspx Having LTCI and never using it can be a wonderful thing...and is also a small mistake equal to the premium you pay each year. Not having LTCI and needing care can be a really, really huge mistake. Is it worth the risk? There are ways to construct guaranteed premiums. Most Americans will be touched by this very common occurrence, either as a caregiver or care recipient...and some will be both. If you don't want that care to be in a nursing home, this insurance is essential as it's not fair to ask loved ones to do it all to keep us at home.
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Yes, most long-term care is at home, so LTC insurance policies pay more for home care than assisted living or nursing homes.This article has some very sound advice. Buying long-term care insurance at all ages is one of the kindest things families can do for each other. Not only do children wind up taking care of parents who don’t plan for long-term care, but parents sometimes turn into unexpected caregivers of an adult child who is the victim of an accident or disabling disease. Americans should ask their employers to offer Long-Term Care Partnership plans to employees of all ages for two reasons: 1) employer-sponsored plans cost the employer nothing but are usually offered with limited health questions which makes it possible for most employees and spouses to qualify; and 2) Partnership plans allow policyholders to access Medicaid if the insurance isn’t enough while keeping assets equal to the benefits paid by the policy. They are available in most states. http://www.dehpg.net/ltcpartnership/map.aspx Having LTCI and never using it can be a wonderful thing...and is also a small mistake equal to the premium you pay each year. Not having LTCI and needing care can be a really, really huge mistake. Is it worth the risk? There are ways to construct guaranteed premiums. Most Americans will be touched by this very common occurrence, either as a caregiver or care recipient...and some will be both. If you don't want that care to be in a nursing home, this insurance is essential as it's not fair to ask loved ones to do it all to keep us at home.
November 28, 2010 - 5:19pmThis Comment
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