How Much Does Daycare Cost For A One Year Old Long-Term Care Insurance – What is Your Long-Term Care Plan?

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Long-Term Care Insurance – What is Your Long-Term Care Plan?

Long-term care requires some planning long before it might be needed. How to pay for long-term care is the first step in the long-term care planning process. It should be part of your financial planning budget.

One must understand what the costs are in order to put a plan into action. Will you have enough money to self-insure? If this is the case, you need to understand where the money is coming from. Which assets will be liquidated and in what order. Having a plan will hopefully minimize the tax consequences of liquidating assets when under stress or at a time when the market is bad.

Long-term care insurance can be a small part of the overall long-term care plan. It is very important to start planning for long-term care for yourself or your aging parents long before a health crisis occurs. To do this, the possibility that long-term care will be required at some point must be addressed. Most often, no one in the family wants to broach the subject because it’s hard to imagine a loved one needing help with simple tasks such as dressing and housework.

Having a good long-term care plan will reduce the stress of trying to develop a care plan during a crisis. At this point, emotions can interfere with your better judgment. This is usually a time when families break up. Having family conversations about the long-term care plan before the event occurs prevents this from happening.

With a little planning, you can buy long-term care insurance, either for yourself or as a gift for your now healthy parents. Or you can encourage your company to offer this coverage as an employee benefit.

The costs of long-term care today are overwhelming and rising every year. Also, there will be a shortage of caregivers as baby boomers retire. Even GenXers won’t escape the impact. Your parents will spend your inheritance on nursing home care or you may find yourself caring for your elderly parents with your own retirement funds.

Many people believe that because the government is so big and has so many different programs, one of them will surely provide assistance when the time comes when you need long-term care services.

They assume that between Social Security, Medicare, and Medicaid, surely one of them would provide for their long-term care needs.

Medicare supplement policies do not cover custodial nursing care. This is care that allows you to stay in your home and help you with activities of daily living. Medicare does not pay for long-term care, but only for short-term care up to about three months and then only if certain requirements continue to be met.

A nursing home is the last place anyone wants to be. Yes, state Medicaid programs cover nursing care for the indigent, but that means almost all assets and income must be spent before the state picks up the tab.

Long-term care insurance can solve the problem in most cases. The latest generation of policies pay for “home care” in a daycare for the elderly, as well as care in a skilled nursing or custodial facility. A portion of the premiums may be tax deductible, depending on your age and income. But not all policies or carriers are created equal.

A long-term care specialist can help you find the best carrier and policy that will be designed just for your unique situation. A specialist will be able to resolve the differences between the different carriers by facilitating the comparison of the plans. An independent agent will offer you the best plan that makes sense and is affordable.

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