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Insurance: Bridging The Long-Term Care Gap

Providing for adequate health care is one ofbuying  it.
the top concerns for today's seniors. And
yet, many find themselves coming up shortIf purchasing long term care insurance isn't
when that need is for long term care. Withan option for you, there are still some
costs skyrocketing and government pursestrategies you can use to cover that care
strings tightening, planning for such careshould you need it. Selling your life
has never been more important. Don't let longinsurance policies, called a life settlement,
term  care  costs  take  you  by  surprise.is one option. Reverse mortgages can also
free up needed cash. Selling your home,
The gap that exists between what seniors needhowever unpleasant that may be, can also
in long term care and what Medicare andprovided needed funds. But in all of these
Medicaid will cover is huge. Combine thatstrategies it is better to leverage those
with the proposed Congressional billproceeds by using them to buy long term care
restricting Medicaid nursing home coverage,insurance,  if  possible.
and it's clear to see that seniors and those
nearing retirement simply can't afford toBut for now, let's consider some issues that
ignore  this  important  issue.none of us like to think about, but will
greatly influence how we each address our
How you approach your long term care needs,long term care needs. When someone is no
which include custodial and skilled nursinglonger able to care for themselves, usually
in-home care, assisted living facilities andthe healthy spouse, if there is one, will
nursing home care, depends greatly on yourtake over the care. Few seniors, wealthy or
economic situation. For those with lownot, are quick to dip into their savings to
incomes and little assets, there are fewhire nurses or other care givers to help out.
choices. Most likely, should the need for
long term care arise, you'll quickly spendThe result is that the healthy spouse often
down your assets and easily qualify forsacrifices their own health and well-being to
Medicaid.care for the sick one. We've all seen it
happen, how the 'healthy' spouse becomes
For those with an annual incomes exceedingexhausted and emotionally spent trying to
$75,000 and with assets of $500,000 or more,meet  the  overwhelming  needs  of the other.
you could simply pay for it out of pocket.
But with nursing homes costing thousands ofIf they're lucky, their adult children will
dollars a month and some seniors needingstep in to help shoulder the burden. Some
years of such care, even a well-lined nestfamilies have gone on like this for years,
egg could experience a drastic drop in value.with sons and daughters spoon feeding their
A more prudent approach would be to purchaseparents and changing their diapers. The
long term care insurance and use that to payemotional toll on the family in these
for any long term care you or your spouse maysituations  is  indescribable.
need.
How much easier life is when seniors take
The real conundrum exists for those seniorsactive steps to provide for this care
of moderate means, those with incomes betweenproperly. Then the family can spend their
$30,000 and $50,000 who have a few hundredemotional and physical strength on cherishing
thousand dollars in assets. Long term caretheir loved one, without ruining their own
needs could gut your life savings andlives  in  the  process.
impoverish the healthy spouse. But long term
care insurance can be very expensive and hardNo one can predict with certainty how their
for  these  seniors  to  afford.end-of-life will go. But the fact remains
that nearly half of all seniors will need
Long term care insurance is complicated andnursing home care. Those who don't are likely
there are many issues you must understandto need some kind of outside help. Plan now
when considering it. My next article will befor how you're going to provide for your long
devoted purely to better understanding longterm care. Your health, and the health of
term care insurance and what to look for whenyour loved ones, depends on it.



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