|
|
|
|
It is really
two different things. First, LTC is a way to protect what assets you have, like a pension or 401(k). Second it gives you
the ability to choose what type of care you receive when you begin to need
it.
Back to Top |
|
No and Yes. Medicare will cover your first
20 days of skilled care, after that they will cover only a portion up to
100 days. From days 21 to 100 you will have a minimum co-pay of $96
PER DAY. Medicaid will provide care, but only if you have spent down
your assets to $2000 (approx. $80,000 if married). And then, you
have to wait for the first available Medicaid bed which could be hundreds
of miles from your family.
Back to Top |
|
Only if you specifically purchased an LTC plan
through your provider. Most health insurance programs contain
absolutely no coverage for long term care.
Back to Top |
|
It varies greatly depending on your plan, age and
health. Asking an agent for a free quote may be a good idea, but you
should sit down to discuss different options.
Back to Top |
|
Absolutely, though remember, the older you are
the more expensive it gets. Also, if you begin to have health
problems you may not be able to get coverage at all.
Back to Top |
|
If you don't mind going to a nursing home and can
afford to pay about $45,000 a year, then you don't need LTC. If you
would rather stay at home and receive care with only a small investment,
then LTC is for you.
Back to Top
|
|
Some companies have plans that will return a
portion of your premium just like life insurance. Look at it this
way, your odds are 2 in 3 that you will use it.
Back to Top |
|
Ask yourself 3 questions. First, when my
spouse is 70, 75 or 80 can they lift me, feed me, bathe me or dress
me? Second, what happens when my spouse becomes ill. Spouses
who care for another are twice as likely to need LTC themselves. And
last, do I really want to force my spouse to become my 24-hour a day, 7
day a week, 365 day a year caregiver for the rest of our lives together?
Back to Top
|
|
Your kids have
their own lives. They love you and that is why they want to take
care of you. The best gift you can give them is to protect them from
having to be the caregiver while your health diminishes. You don't
want to be a burden.
Back to Top |
|
This is a realistic concern. Simply put, if
your income and assets are that low, chances are you will qualify for Medicaid
when time comes anyway. However, your agent should be
skilled enough to modify a plan to provide you at least minimum coverage.
Back to Top |
|
Skilled care means care provided by a health
professional like a physician or registered nurse. Intermediate care
means assistance with, but not required for doing regular things, like an
assisted living facility or adult day care. Custodial means full
24-hour nursing home care.
Back to Top |
|
Hands-on means in order to perform a task,
someone is required to physically help you, such as standing up, going to
the bathroom etc. Stand-by means you need someone to be nearby in
case you have difficulty performing regular tasks.
Back to Top |
|
Depending what state you live in or policy you
have there are 6 or 7. They are, continence, toileting, bathing,
transferring, eating and dressing. The seventh may be ambulatating.
Back to Top |
|
Most policies require that you not be able to
perform 2 of the 6 ADL's. Any policy that requires more should be
abandoned and a new one written. Also, cognitive impairment such as
Alzheimer's or Parkinson's disease will also trigger benefits.
Back to Top |
|
Some companies provide a Care Coordinator to
assist you when choosing an avenue of care. If you select a policy
in which a company appointed care coordinator assist in your planning, the
policy is generally more affordable.
Back to Top |
|
|
 |
|
