LTC INSURANCE AND YOUR LIFE SAVINGS
Medicare does not cover custodial care confinements and 98%
of the cost is paid for by individuals like yourself
The plain fact is only the every poor or the very rich can
afford to be without nursing home insurance. This is because the cost of a New
York nursing home stay can run as high as $100,000 a each year! While the very poor
have Medicaid, where one must give up their life long possessions to obtain
it, and the very rich are able to sustain those kinds of costs, the vast
majority of middle class Americans are left without protection of any kind.
Think of it this way. When you are making a living and
supporting your family, you have life insurance to help replace your income
stream and should continue its benefits to your family if something happens
to you. When you buy Long Term Care (Nursing Home) Insurance, you are
"insuring your savings" so that if you go into a nursing home, the insurance will offset
its costs and your savings will remain intact for the benefit of your spouse
and children. In other words, by investing a portion of the interest of
those same savings in nursing home protection, you can take steps to
preserve your capital for the future safety and well being of your heirs.
While the average cost of a year in the nursing home can
easily exceed $52,000, it's easy to see how a prolonged stay of one or more
years could represent a catastrophic loss to your lifelong savings. Because
Medicare does nothing to
protect you from the cost of custodial care confinements, you should be
thinking about obtaining long term care nursing home and home care insurance if your
assets, exclusive of your homestead, are $20,000 or more. The greater your
assets, the .greater your need for this insurance becomes.
There are many policies available in the marketplace today,
but of course, you want to know what's best to look for. Here are some
criteria you should insist upon when you purchase home care and nursing home insurance
coverage for your spouse and
yourself. ...
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Provides you up to $200 a day while confined in a nursing
home.
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Covers you for Custodial and Intermediate care as well as
so-called Skilled
care.
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No prior hospitalization requirement to obtain nursing
home benefits.
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Look into optional "inflation guard" benefits which
increase your total
coverage by 5% on each anniversary of your coverage.
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Offers lifetime benefits, although you may want to reduce
your premium cost
by purchasing a policy having a lesser benefit period.
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Provides home
health care benefits. But be aware, policies that offer this
benefit without having a prior nursing home requirement, cost twice as
much. Here the money could be better spent for coverage in the nursing
home where your real risk of loss is greatest. |
