Carmel, CA Get Long Term Care Insurance (LTC) If You Can Afford Itby Richard Kuehn on 10/27/12
I've written many times on my blog about the importance of getting long-term care insurance (LTC), the only type of insurance that pays for the types of private duty caregiving services provided by Family inHome Caregiving unless you qualify for Veterans Affairs aid-and attendance benefits. Many potential clients believe that Medicare will cover in-home non-medical care and, sadly, they will not. The problem is, LTC is very expensive and it continues to get more so as you age. They can also turn you down if you have pre-existing conditions. Many people find this out too late. Although they could have gotten LTC at a relatively modest cost when they were young, they wait until they actually need it and by then it's usually cost prohibitive. Unfortunately, the situation continues to get worse as premiums soar and more insurance companies pull out of the market because people are living longer and they aren't making any money on the policies. I would suggest looking into an LTC policy. If they look unaffordable, talk to your insurance broker about other options such as one policy for both a husband and wife or an annuity that pays benefits for a set number of years to preserve the savings of a couple if one gets ill. The benefit of the latter type of policy is that the savings of one spouse can be preserved even if the sick spouse has to go on Medi-Cal. Although the process of obtaining the right policy can be complicated, I think it's worth it over the long run.