Tuesday, January 24, 2012

Long Term Care Insurance

Barbara knows that her mother is getting older and, although she is in fine health now, she is starting to prepare for the financial responsibility of caring for her elderly loved one. With rising healthcare costs, Barbara is worried that she and her husband will not be able to afford to support both her mother and their children. While doing a bit of research on available insurance plans, Barbara discovered long-term care insurance.
A type of insurance of which many people are unaware, long-term insurance may be just  the thing to help Barbara take care of her mother. A unique insurance plan, long-term insurance covers many aspects of care that health insurance, Medicaid, and Medicare do not, including:
  • Home care
  • Assisted living facilities
  • Respite care (short-term care allowing families who look after their elderly loved ones to take a break)
  • Hospice
  • Nursing home facilities
  • Specialty facilities, such as homes for elderly individuals who have Alzheimer's Disease
These benefits will be of great value to individuals who need assistance with daily activities, such as bathing, dressing, and eating. Oftentimes, elderly individuals who are in great health need a bit of assistance with these tasks; however, paying for senior care can become expensive and difficult to afford for elderly individuals and their families. With long-term care insurance, you can be sure that your elderly loved one will have access to the care they need without having to worry about its cost.
In addition to the services that a long-term care insurance plan covers, it also provides other benefits to the elderly individuals who use it. First and foremost, their children, like Barbara, do not have to stress over the financial burden that senior care can present. Furthermore, many premiums are tax deductable for both individuals and businesses.
There are several different types of long-term care policies, so it is recommended that you speak with an insurance professional to determine which policy is right for you or your elderly loved one. The earlier you purchase a premium the less expensive it may be, so you are encouraged to learn more about your long-term care options as soon as possible. Barbara and her family have found security in long-term care insurance, and you may be able to as well!

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