| Many people believe that long term care is only for | | | | also important. Some insurance companies offer |
| elderly individuals. This is not the case. In fact, this type | | | | coverage that will protect you anywhere from 2 years |
| of insurance is often administered to individuals with | | | | through the end of your life. Typically, nursing home |
| disabilities and chronic illnesses. Many care services | | | | costs will require 3 to 5 years of coverage. Finally, |
| can include support with daily activities such as bathing, | | | | consider your insurance carrier's financial health. If you |
| getting dressed and preparing meals. These services | | | | choose to buy lengthier care coverage, make sure |
| can be utilized in the individual's home or at nursing | | | | that the insurance company will be around for a long |
| homes and assisted living facilities. | | | | time. |
| While you may not think so at this time, there is a very | | | | There are many online tools that can help you |
| good chance you will eventually have to consider | | | | determine how much insurance you may need. These |
| Medicare benefits. It has been estimated that by 2012, | | | | calculators will determine the estimated cost of |
| more than 12 million individuals will need this type of | | | | coverage and will factor in what financial resources |
| care. This means that those who reach the age of 65 | | | | you already have available. They can be very useful in |
| will have a 40% chance of being placed in a nursing | | | | planning the amount of care time you need and |
| home. In addition, 10% of these individuals will stay in | | | | choosing the right insurance coverage. |
| that facility for five years or longer. This is why it is so | | | | Most expenses for home care are not covered by |
| important to choose your medical care provider | | | | Medicare, but some are covered by Medicaid. This is |
| carefully. | | | | because the Medicaid program is based on the |
| Just as choosing a provider is important, so is planning | | | | financial needs of the individual. You will need to pass |
| your medical needs. Again, not many people think this | | | | an asset test to qualify for the Medicaid benefits. The |
| far ahead in the future, but it is extremely important to | | | | end result would mean having to spend all of your |
| plan for your future care needs . This planning is not | | | | assets before becoming eligible for Medicaid coverage. |
| always easy to do, so to make it a little easier, there | | | | The government now allows policyholders of long term |
| are a few questions to answer. These questions and | | | | care insurance to exhaust their current benefits to |
| answers will help you make an informed decision. First, | | | | receive financial assistance instead of using their life |
| you should examine what types of care you may | | | | savings. |
| need. Next, consider how those needs may change | | | | Under this program, if you purchase an insurance policy |
| over time. After that, determine your choices when it | | | | and your benefits run out, you will then qualify for |
| comes to insurance companies and providers. Finally, | | | | Medicaid and be allowed to retain your assets, as long |
| always be aware of the cost and how much you will | | | | as they are equal to the value of the insurance you |
| be able to afford. After answering these questions, | | | | had purchased. Without this program, you would be |
| you will have a better idea how to plan for your | | | | required to spend all of your assets before you would |
| nursing home needs and will give you knowledge | | | | be eligible for Medicaid coverage. |
| about what kind of insurance coverage you will need | | | | Unfortunately, only a few states have the above |
| when you retire. | | | | program in place, but 30 more states are taking the |
| When looking for insurance, there are many things to | | | | steps to get the program in place. You can find |
| consider beyond the questions that were mentioned | | | | additional information at longtermcare.gov. This site will |
| above. When comparing insurance, you want to find | | | | provide you with current information regarding your |
| out what the protection from inflation is. Since many | | | | state's status on the program. You have one shot at |
| insurance companies only provide a fixed daily amount, | | | | submitting an application form to Medicaid. Do not |
| you may opt to buy additional insurance for a | | | | submit it until it has been reviewed by an expert - it |
| Medicare supplement to offset the costs. You also | | | | could cost you tens of thousands of dollars. |
| want to consider the amount of coverage the | | | | States typically offer online forms that you may |
| insurance company offers. The cost of long term care | | | | download and print, however no states allow you to |
| varies, so you must think about where you may be | | | | currently apply for Medicaid online. |
| residing when you are older. The length of coverage is | | | | |