When You Need Long Term Care Insurance
Long term care insurance is something we don’t like to think about, because we always hope we live a long and healthy life. The emphasis is on the word “healthy”. No one really wants to think about being physically incapacitated or mentally impaired. Yet when you need long term care insurance it means you need regular assistance with daily living. There’s a big difference between needing medical care for curing a temporary illness or recovering from an injury, and needed ongoing care in order to live as quality of life as possible.
Long term care insurance can be a great way to protect your assets in the event you need daily care. Unfortunately, in order to take advantage of state Medicaid plans covering long term care, you have to give up most of your assets including your house. That can be devastating to a family that has worked all their lives in order to have a secure home in their later years. Long term care insurance can give you the coverage you need for skilled nursing or nursing home living without losing everything you have accumulated over a lifetime.
Choosing Your Care
Many people don’t understand what long term care insurance actually covers. It can cover much more than nursing home care. For example, some people who need long term care continue to live in their homes. In this case, home health care is needed such as visiting nurse services. Some long term care policies include adult day care, hospice care or assisted living care. There are various ways medical doctors determine if you need a particular long term care service.
Deciding if Long Term Care Insurance is for You
Deciding if you need to pay for long term care insurance is not a simple decision. Your insurance agent can go over the criteria used to help people decide if they should purchase this kind of insurance. There are many different considerations. For example, if you have a genetic family history that indicates a high probability of experiencing a stroke after a certain age you might want to consider long term care insurance. If you don’t have much family and must rely on your own resources for long term care, then insurance can be invaluable.
Finding Peace of Mind
Aging is a natural process that you should embrace with grace and confidence, but it can also hold many health worries. Knowing you are covered in the event you need ongoing care can bring a lot of peace of mind. There are many different types of long term care insurance policies to choose from and you shouldn’t have any problem finding one that meets your needs. The first step is deciding what kind of coverage you want and then getting a clear understanding of how the policy pays. You will also need to understand the criteria used to determine when you can use the policy and if you are able to add benefits down the road.
There are many factors to consider when buying long term care insurance, but it is an exercise everyone should go through. It’s much better to be prepared ahead of time rather than find yourself unable to get the care you need when you need it.
Let Hodges & Company find the best policy to meet your needs.
Contact us today, 713.993.9710 or 1.866.993.9710.