Your ultimate insurance guide


Origin Of Long Term Care Insurance

In the early 1980's Medicare started using aterm insurance rates vary by geological
system called the diagnosed related group oflocation, as well as state and local
guidelines for advance payments to hospitals.regulations. The premiums are costly,
This has really given hospitals authorityhowever, a person has to weigh out the
and incentive to discharge patients very soonadvantages and disadvantages to purchasing
after  admission  to  the  hospital.long  term  care  insurance.
The hospital gets paid the same whether theMany people assume that their healthcare
patient is in 3 days or 6 days. So theprovider will cover long term care.
hospital can make more money if they free upUnfortunately Health care insurance covers
the bed space for the next patient. Themedical bills, hospital bills and some
problem this has caused is that nursing homesprescriptions. They do not cover nursing
have become the recovery place for thesehome expenses. The same rule applies for
patients that were not ready to go back toMedicare. Medicare will pay for skilled
their homes. The problem with this is thatnursing home care only for patients that are
Medicare only pays up to 21 days of skilledable to fully recover from their injuries or
nursing care. Therefore, if a patient is notillnesses. Then the myth is that a person
recovered after the 21 days in the nursingcan always fall back on Medicaid, but
home, then the funds come out of the patientsMedicaid is for the people who fall under the
estate, provided they have one. Needless tolow income guidelines and have little or no
say, it does not take long to eat up one'sassets.
estate  at  the  nursing  home  rates.
If a person can afford long term care
Insurance companies have just in the lastinsurance, it is highly recommended that they
decade recognized this problem and now arepurchase it when they are young, as the rates
offering Long Term Care Insurance. The longare substantially lower.



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