Due to the shortage of viable options to pay for Long-Term Care today, the cost of providing that care often leads a severe strain being placed on the family's finances.
To date, I have not met the person who would dispute that they would do everything they could to live a long life. You would have to agree, when we do live a long life one thing is certain, we do get old. Now when we get old, I am sure you would also agree the likelihood that less than stellar health confronts most of us. That surely results in the high probability of needing long-term care, defined as requiring assistance with your everyday activities or needing supervision due to a cognitive impairment.
Let's take a closer look at the most common misconceptions of the options available to us today.
Many people believe Medicare, The primary health care program for retirees, will take care of all their long-term care needs. Unfortunately, the fact is, it does not pay for custodial care in any venue. Medicare pays only for skilled or rehabilitative care. Most needing long term care, are not in need of constant medical supervision by licensed medical professionals, or what is considered to be skilled care. Additionally, the heartbreak of many conditions requiring long term care are not what you would expect to recover from, such as cognitive impairments. Therefore they too would be excluded, as treatment for these conditions are not what would generally be considered rehabilitative care.
Encouraging Veterans to purchase long-term happinesslifetime.com care insurance through the new Federal Long-Term happinesslifetime.com Care Insurance program is the message the federal government has recently communicated to our brave servicemen. Alerting them to the fact the VA will in fact pay for home care, adult day care, or assisted living, although this funding is limited and generally based on service-related disability.
For those who believe Medicaid is the answer. Let me make this point abundantly clear. Although Medicaid is a wonderful federal and state program that provides for financially needy individuals. It may not be right for you and/or your loved ones. It will pay for custodial care but primarily in nursing homes. Funding for home care and assisted living is very limited and based on availability of funds. Now, let me repeat, Medicaid will pay for your custodial care in a skilled nursing home. That's correct. But I ask you, where do you really want your care to be delivered? Like most people your answer is likely to be at home and in the community, not in a nursing home. My point is, Medicaid generally pays for the one thing you never wanted in the first place; care in a nursing home, and this is only after you have spent down your life savings to qualify. Also, this will most likely leave your loved ones to live their lives in an unfortunate, unplanned state of uncertainty.
Today, there are many new annuity and life insurance products available that allow access to your funds without a penalty for early withdrawal if you are diagnosed with a condition or an impairment requiring long term care. Availability of funds, underwriting and triggering event requirements vary widely depending on the state in which you live. Recently, the reverse mortgage industry has also entered into the mix. I would recommend to you, a consultation with a qualified professional in your state for further details on these products. In Pennsylvania I would be more that happy to help with your questions and concerns.
In my opinion, Long-Term happinesslifetime.com Care Insurance is often the most effective course of action for many of us today. From a financial point of view, LTCI allows your savings and retirement plans to stay intact. It will, in effect, protect the balance of your investment accounts and this is particularly important given the recent steep decline in portfolio values. It will protect your home, personal belongings and long-term happinesslifetime.com care insurance also protects income. Income needed by your spouse and/or family to continue on with their lives as they have known it and isn't that exactly what you had always intended?
I caution you to be extremely careful when you consider the purchase of LTCI coverage. Plan options tailored to fit your individual needs must be selected as well as the plan's affordability. These issues must be addressed carefully in order to achieve a properly implemented plan that you live and sleep with. Any ill-conceived plan that will lapse due to affordability issues, in my opinion, would be worse than choosing no plan at all.
That said, choosing a long-term care specialist is critical. Consider their training, educational credentials, and commitment to help solve your long-term care needs. The key is whether they talk about a plan or a product first. If they are interested in the plan you are dealing with a professional.
I would strongly urge searching for a professional in your local area who has continued their education in the field of LTC and earned the CLTC designation thru The Corporation for Long Term Care Certification. You will find a link to them on the consumer links page of The Yetman Agency web site. As a recognized expert in long-term happinesslifetime.com care insurance my ultimate goal is to help you make an informed choice. Knowing you understand your options, how coverage works and providing you a policy that best meets your needs and budget is first and foremost with me.
I would like to invite you to look deep into our web site and investigate for your own answers. Please stay as long as you like, take with you what you need. Be sure to subscribe to our monthly newsletter for current updates on LTC as well as articles on a variety of other interesting topics. Don't forget to request your free copy of my newly released book, Long Term Care Made Simple. You will find your Free Book Request Form in your first issue of the Yetman News.
E. Shel Yetman is a Pennsylvania licensed insurance professional, certified in Long-Term Care (CLTC) and is a Certified Senior Advisor (CSA). His practice is focused on Protecting and Preserving the Lives, Hopes and Dreams of maturing Americans. He can be reached at the Yetman Agency on the web at TheYetmanAgency.com TheYetmanAgency.com
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