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Long Term Care Planning Part 2

Medicine is squeezing all it can out of the dollar.In the previous article, we discussed a viable option for funding long term health care in the event that you have not prepared for it. Long term care planning involves getting insurance. And while a reverse mortgage presents a myriad of benefits, picture this scenario:

The day arises that you or your spouse is in need of long term care. Maybe you have to move to a nursing facility or perhaps you need the assistance of a home health aide. Either way, it doesn’t matter. Why? Because you are prepared. How? You took out a long term care insurance policy years ago, knowing full well that one day you would likely need to cash in on it. There’s no stress about money matters. No freaking out about whether or not Medicare will have you covered. All your ducks are in a row, so to speak, and your finances are in order.


Funding your long term health care doesn’t have to burden anyone.

What Exactly is Long Term Care Insurance?

Simply put, it’s a way to pay for the possibility of future disability right now. Rather than leave it up to chance and hope you have the money to cover it later–or worse yet, put it off on your children—this type of insurance allows you to budget and pay for monthly premiums today to receive in-home care later on, in the event you should need it. By choosing this option, you cross out all uncertainty.

I understand you may not enjoy paying premiums now for something you may never use, not for many years at least. But let’s be frank—the odds are one day you are going to need it. Do you really want to try and pull the money out of thin air when the time comes? Or would you rather pay now and have your long term care insurance pick up the slack when your health insurance and Medicare won’t? If you can afford it, the insurance is probably a good option for you.

How to Go About Choosing Long Term Care Insurance

There are a variety of factors to consider as you choose your long term care insurance plan. A few of these include:

  • What illnesses run in your family? Are you at risk for Alzheimer’s? Make sure they are covered.
  • How much coverage do you want per day? $50? $200?
  •  How long do you want to be covered?
  •  How much can you afford to pay in premiums? The older you are, the more expensive the premiums.

Is Long Term Care Insurance Right for You?

Unfortunately, only you can decide. But here are the bare bones facts to help you decide.

  •  Your spouse and you have pretty decent chances of needing long-term health care at one time or another.
  • Medicare and traditional insurance will not cover your long term health care expenses.
  • Long term health care, be it in-home care or nursing home care, is expensive and can drain the inheritance you intend on leaving for your kids.
  • On the other hand, long term care insurance is not cheap by any stretch of the imagination. But it does offer stability.

With those facts in mind, it is up to you to decide if you should take out a long term care insurance policy.

Couples Care: Keeping Relationships Whole

Couples Care: Keeping Relationships Whole
One guide you might find helpful:

Selecting an in-home caregiver? Learn why couples care is an affordable solution for families.

In-Home Care Providers: Agency Vs. Independent Contractors

Agency Vs. Independent In-home Care Provider
One guide you might find helpful:

Selecting an in-home caregiver? Learn the basics about Agency Vs. Independent Contractors In-Home Care Providers.

Need Help Selecting an In-Home Caregiver?

how to pick an in-home care provider
One guide you might find helpful:

Selecting an in-home caregiver? Learn the basics before you choose!

Is it Time for In-Home Care

Is it Time for In-Home Care
One guide you might find helpful:

Need a to know when to use In-Home Care? Read our guide "Is it Time for In-Home Care"!

A Family Guide for In-Home Dementia Care

Family Guide for In-Home Dementia Care
One guide you might find helpful:

Need a guide for In-home dementia care? Read our family guide for In-home dementia care!

Coming Home From Rehab. Now what?

Coming Home From Rehab. Now what?
One guide you might find helpful:

Need to know what to do after coming home from rehab? Read our guide "Coming Home From Rehab. Now what?"!

The Changing Care Needs of Parkinson’s Disease Patients

The Changing Care Needs of Parkinson’s Disease Patients
One guide you might find helpful:

Need to know about the changing care needs of parkinson's disease ? Read our guide "The Changing Care Needs of Parkinson’s Disease Patients"!

Understanding Strokes and Recovery

Understanding Strokes and Recovery
One guide you might find helpful:

Need to know about the warning signs of strokes? Read our guide "Understanding Strokes and Recovery"!

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121 Congressional Lane, Suite 201 Rockville, MD 20852
4000 Albermarle St., NW, Suite LL15 Washington D.C., 20016
301-984-7681

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Comfort Home care is an essential business and we will, therefore, be operating normal hours.

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