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It is really two
different things. First, LTC is a way
to protect what assets you have, like a
pension or 401(k). Second it gives you
the ability to choose what type of care
you receive when you begin to need it.
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No and Yes. Medicare
will cover your first 20 days of skilled
care, after that they will cover only a
portion up to 100 days. From days 21 to 100
you will have a minimum co-pay of $96 PER
DAY. Medicaid will provide care, but only
if you have spent down your assets to $2000
(approx. $80,000 if married). And then, you
have to wait for the first available
Medicaid bed which could be hundreds of
miles from your family.
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Only if you
specifically purchased an LTC plan through
your provider. Most health insurance
programs contain absolutely no coverage for
long term care.
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It varies greatly
depending on your plan, age and health.
Asking an agent for a free quote may be a
good idea, but you should sit down to
discuss different options.
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Absolutely, though
remember, the older you are the more
expensive it gets. Also, if you begin to
have health problems you may not be able to
get coverage at all.
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If you don't mind
going to a nursing home and can afford to
pay about $45,000 a year, then you don't
need LTC. If you would rather stay at home
and receive care with only a small
investment, then LTC is for you.
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Some companies have
plans that will return a portion of your
premium just like life insurance. Look at
it this way, your odds are 2 in 3 that you
will use it.
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Ask yourself 3
questions. First, when my spouse is 70, 75
or 80 can they lift me, feed me, bathe me or
dress me? Second, what happens when my
spouse becomes ill. Spouses who care for
another are twice as likely to need LTC
themselves. And last, do I really want to
force my spouse to become my 24-hour a day,
7 day a week, 365 day a year caregiver for
the rest of our lives together?
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Your kids have their
own lives. They love you and that is why
they want to take care of you. The best
gift you can give them is to protect them
from having to be the caregiver while your
health diminishes. You don't want to be a
burden.
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This is a realistic
concern. Simply put, if your income and
assets are that low, chances are you will
qualify for Medicaid when time comes
anyway. However, your agent should be
skilled enough to modify a plan to provide
you at least minimum coverage.
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Skilled care means
care provided by a health professional like
a physician or registered nurse.
Intermediate care means assistance with, but
not required for doing regular things, like
an assisted living facility or adult day
care. Custodial means full 24-hour nursing
home care.
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Hands-on means in
order to perform a task, someone is required
to physically help you, such as standing up,
going to the bathroom etc. Stand-by means
you need someone to be nearby in case you
have difficulty performing regular tasks.
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Depending what state
you live in or policy you have there are 6
or 7. They are, continence, toileting,
bathing, transferring, eating and dressing.
The seventh may be ambulatating.
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Most policies require
that you not be able to perform 2 of the 6
ADL's. Any policy that requires more should
be abandoned and a new one written. Also,
cognitive impairment such as Alzheimer's or
Parkinson's disease will also trigger
benefits.
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Some companies
provide a Care Coordinator to assist you
when choosing an avenue of care. If you
select a policy in which a company appointed
care coordinator assist in your planning,
the policy is generally more affordable.
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The information
provided is intended for informational purposes only and
does not necessarily reflect your particular situation.
This website does not nor does it intend to dispense legal,
tax or financial advice.
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