Why 3 in 4 Need More LTC Information
- Author Rhonda Walton
- Published September 22, 2011
- Word count 519
How many families have lost their properties to a loved one’s long term care (LTC) expenses? How many couples have ended up in divorce just so the sick spouse will be shouldered by Medicaid while the other won’t be left in this world penny less? Looks like 3 in 4 need more painful stories like these for them to believe that the cost of care these days can kill.
Scarcity of knowledge in LTC cost will result in one’s misfortune and a loved one’s early death. By death, I’m not pertaining to one’s departure from life but the end of every important aspect of one’s life like her career, marriage plans, yearly travels, education, and so many others because she has to take care of a disabled loved one as the latter did not anticipate needing LTC services and thus did not prepare for it.
Young and old alike have been reminded many times by long term care specialists to plan their future health care needs because nobody can ever tell when he’ll come down to a serious health condition and require care.
Did actor Michael J. Fox know he’ll come down to Parkinson’s disease at the age of 40? How about boxing legend Muhammad Ali who just retired from his sport when he was hit by Parkinson’s?
Both superstars did not even feel the sickness coming for them so when it hit them it turned their worlds upside down. These are wealthy men we’re talking about and yet they had a hard time bouncing back after their ordeal with Parkinson’s so what more regular folks whose bread and butter is their eight to five jobs?
Like Parkinson’s, Alzheimer’s, Lou Gehrig’s, and multiple sclerosis happen to be the most common conditions of people who are currently receiving long term care services. These conditions will not be covered by your regular health insurance so don’t sit in complacency thinking you won’t be affected by the high cost of care since you have a health insurance courtesy of your employer.
3 in 4 Need More Enlightenment
It’s about time that people forget Medicare because this program will only cover your expenses in a hospital and your 100 days in a nursing home. It does not provide custodial or personal care so it should be struck out from your options.
Medicaid, on the other hand, will only foot your expenses in a nursing home, an assisted living facility or another community-based LTC facility under the condition that your liquid assets meet its asset limit requirement.
Let’s say your total assets that amount to $150,000 should be depleted until it is no more than $2,000 for Medicaid to come to your aid. If you insist on keeping your assets instead of availing Medicaid assistance, you’ll have to convince a relative to take care of you since home care nowadays is just as expensive as an institutional and community-based LTC facility.
There is absolutely no doubt that 3 in 4 need more effective LTC plans otherwise they face the risk of losing everything.
Live your retirement years comfortably by getting 3 in 4 need more and long term care plans. You can get all the helpful information you need in deciding for your and your family's future such as free long term care quotes, benefit periods, cost data and insurance resources.
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