Find a Texas Long-Term Care Agent
Approximately 70% of older adults will need some type of long-term care at some point. This type of care could include a nursing home or various degrees of in-home care, whether that includes skilled nursing care, help with activities of daily living, or some combination of services.
The problem is that these services are very expensive—and the costs are not covered by Medicare, outside of a 100-day period where skilled nursing care is covered for those who qualify and which does not cover non-medical care. This can be prevented with an LTC insurance policy. But these policies come with challenges of their own—and not everyone is a good candidate.
Do You Need Long-Term Care Insurance?
Given a choice, almost everybody would prefer to live out their last days at home -- and in good health. Unfortunately, that doesn't always happen. According to the National Center for Health Statistics, some 1.6 million people currently reside in nursing homes. That number is likely to increase significantly as the baby boomer generation continues to age.
Being financially ready for the possibility that you will require long-term care is an important part of retirement planning. But too many people are still preparing merely by hoping for the best.
Here are some things to think about to determine if
Long-Term Care Insurance is right for you:
Medicaid vs. Long-Term Care Insurance
Long-term care insurance is private insurance available to anyone who can pay for it. Medicaid is for individuals and families living on a limited income, and many seniors use it to pay for long-term care in nursing homes. Long-term care insurance offers more flexibility and options than Medicaid.
Medicaid does cover some costs of long-term care, but the income requirements to qualify for Medicaid assistance are very strict. It is not uncommon for older adults to spend everything they have on their care in order to qualify, so that by the time they do, they are near destitution.
Because of the expense, making the decision to buy long-term care insurance is never easy. But for many seniors, it can be crucial. Do some research on your options, and hopefully you’ll be able to make the best decision for your situation.
Elder Options of Texas
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DISCLAIMER: Links to other websites or references to products, services or publications do not imply the endorsement or approval of such websites, products, services or publications by Elder Options of Texas. The determination of the need for senior care services and the choice of a facility is an extremely important decision. Please make your own independent investigation.