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Long
Term Care
What is Long
Term Care Insurance?
Long Term Care is different from traditional medical care. People
usually need skilled care for conditions that require care by medical
personnel such as registered nurses or professional therapists.
This care is usually needed 24 hours a day, is medically necessary
and requires trained medical personnel. Custodial care provides
assistance with activities of daily living (ADLs) such as bathing,
eating, dressing, toileting, continence and transferring for a person
with a physical illness, disability or cognitive impairment. Custodial
care is less involved than skilled care and does not provide any
medical treatment. Long Term Care Insurance is a policy that will
pay some or all of your expenses for custodial care in the event
that you are unable to care for yourself.
Why Buy Long
Term Care Insurance?
Whether you should buy a long-term care insurance policy will depend
on your age, health status, overall retirement goals, income and
assets. For instance, if your only source of retirement income is
a Social Security benefit or Supplemental Security Income (SSI),
you probably shouldn’t buy long-term care insurance since you may
not be able to afford the premium and you do not have assets or
income to protect.
On the other
hand, if you have accumulated assets but don’t want to use them
to pay for long-term care, you may want to buy a long-term care
insurance policy. Many people buy a policy because they want to
stay independent of government aid or the help of family. Look closely
at your needs and resources and discuss it with a family member
to decide if long-term care insurance is right for you.
Government aid,
in the form of Medicaid, is available to pay for long-term care;
however there are many restrictions to qualify for this program.
Medicaid is designed to provide financial assistance to low-income
and impoverished individuals. To qualify for Medicaid assistance
you must spend your savings, assets and income on your long-term
care until you fall below the income requirements. In addition,
Medicaid requires care in a Nursing Home facility. Home Care and
Assisted Living facilities are not covered by Medicaid and not all
Nursing Home facilities accept Medicaid recipients.
Long-Term Care
Insurance protects your assets and income from the draining effect
of paying for custodial care. It allows you the freedom to choose
where and how your care is provided. Policies can be tailored to
meet your individual needs and many Long Term Care Insurance policies
provide income tax benefits as well.
Who Should
Buy Long Term Care Insurance?
- You have
assets and income you want to protect.
- You don’t
believe it is feasible for your family to care for you.
- Longevity
in your family or other health concerns.
- You want
to maintain control of your life & care if presented with this
situation
- You are unsure
of the future.
Mistakes
People Make When Buying Long Term Care Insurance
- Not Taking
a Look at Purchasing This Coverage, Especially at a Young Age
- Not Comparing
Companies and Benefits Available
- Not Looking
at Policy Provisions
- Buying a
Short Benefit Period
- Not Buying
From a Quality Company
McGohan Brabender
provides Individual long term care, including the following:
- Cost Analysis
of policies from multiple carriers
- Benefit Analysis
We also provide
Group Polices, including the following:
- Employer
paid, Contributory, Voluntary Plans
- Custom Plan
Designs
Contact
us to find out more about McGohan Brabender Financial.
All guarantees,
including death benefits, are subject to the claims paying ability
of the issuing insurance company.
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