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