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Long-Term Care May Provide a Viable Plan for the Future

Long-Term Care May Provide a Viable Plan for the Future

Nearly 11 million Americans require some type of long-term health care (LTC) each year, whether in a nursing facility or in-home care. Yet, most people don’t have a plan to cover their expenses during this difficult period. In fact, only eight million of the 313 million people in the U.S. have LTC coverage. There are many reasons why people don’t invest in LTC. Some people think that because the law does not require people to purchase LTC insurance, as they have to do with auto insurance, the insurance it isn’t necessary. Others mistakenly believe that Medicare will pay for LTC. Still others determine that the cost for the coverage is too high. However, when you compare the out-of-pocket expenses incurred when you don’t have coverage, LTC may be worth the extra expense.

Recent studies show that most people will require long term care services after reaching age 65. Those who do not have help from family members and have limited retirement savings will benefit the most from LTC coverage. Both nursing home facilities and in-home care from home health-aid or private nurse can be expensive. In 2010, the average cost for a nursing home care was nearing $7,000 per month. People pay home health aides by the hour – $21 -to provide assistance.

The basic LTC plan

A long-term care policy usually covers the basic daily needs for at least six months or longer. The coverage may include assistance with chronic illnesses, such as Alzheimer’s disease or disability after an accident. It also pays for basic assistance, such as bathing and eating, as well as skilled care from nurses or therapists. LTC insurance can cover your expenses for in-home care, assisted living facilities and nursing homes.

It’s a good idea to plan now for the future. You can ensure better quality health care in case you need it. Premium rates for LTC vary by the carrier, your age, health and other factors. You may also benefit from tax credits. One of our experienced Dayton Elder law professionals can provide you with more information.

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