| Everybody has known
a family that has ended up financially devastated because of
a lengthy illness of a family member. The only legacy that heirs
inherit are the medical bills of family members. This tragic
outcome can be avoided by having adequate Long-Term Care coverage.
Often it is only the family members of someone who has been
seriously ill who understand the real importance of having Long-Term
Care insurance.
Long-Term Care insurance provides payments for medical
expenses that are not covered by Medicare or for people who
don't qualify for Medicaid. Home Health Care and Adult Day
Care are a few examples of some covered benefits that Long-Term
Care insurance can offer. The coverage takes effect when covered
individuals are unable to perform specified activities (ADL's).
Medicaid only pays for nursing home care (not in-home care)
and only after you have depleted your assets down to the poverty
level forcing families to sell property and drastically change
their life styles.
65% of all individuals who enter a nursing home sink below
the poverty line within two years of admission to a nursing
home and never had the option of home care.
50% of unmarried people who enter nursing homes sink below
the poverty line within 13 weeks leaving few resources left
for them after they have been discharged.
It is estimated that with the advances in medicine, 40% of
all baby boomer adults will eventually need Long-Term Health
Care.
Who should consider Long-Term Care Insurance?
People who have accumulated estates and are in middle to high
income brackets.
People who may have a family history necessitating Long-Term
Care.
Baby Boomers who are retiring within 15 years.
People who want to preserve assets.
People who want to stay independent.
Long-Term Care insurance is for people who have assets to
protect and require over 100 days of care.
Solution
Obtain long-term care insurance while you are still healthy
and qualified.
Tailor that insurance to your needs and financial situation.
When both spouses are insured, there is a premium discount.
Tax advantages are available for self-employed individuals. |
