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Long term care insurance is the most overlooked insurance. What I mean by that, is that people are almost completely unaware of what it is and why it exists. For people over 50 years old, it is probably the most important insurance besides health insurance.
If you cannot do things for your self due to an accident or illness then you have to hire people to do those things. I am talking about eating, getting dressed, walking across the room, using the bathroom, being able to hold it if you cannot find a bathroom, and taking a bath or shower. Hiring people to do these things for you is astoundingly expensive. Many family members cannot care for you due to their need to stay employed themselves. Disability insurance just pays your rent but not the people you have to hire to get you out of bed and into the shower. Long term care insurance pays for them. And, don't believe its just your grandparents who are at risk of needing long term care. 40% of Medicaid recipients using long term care are under the age of 60 years old.
Long term care insurance has been available for over 30 years. It started out as nursing home insurance, but today most plans allow you to receive care at home, assisted living and nursing homes. Long term care insurance cannot be fully appreciated until you know more about long term care itself and how it is affecting millions of American families. My long term care insurance web site is a comprehensive resource to learn about long term care and long term care insurance, and you can find out how much the insurance costs, too.
Affordable Health Care for America Act
The Class Act - LTC coverage
outlined below:
1. Working adults can "opt in" to a program and pay an estimated $123 per month in premiums Optional participation will create adverse selection - those who are of poor health and cannot qualify for individual coverage may get on this plan.
2. Benefits will be paid out starting at $50/day. Average costs for long term care range from $35,000 to $100,000 per year depending on the level of care needed.
3. A person must pay into the program for 5 years before benefits become available.
4. Premiums increase as benefits rise. This does not occur with individual long term care insurance.
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Ask questions about long term care and long term care insurance. Or, share some of your personal experiences as a caregiver of a loved one. Did your loved one have insurance? If so, how did it help.
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Mac McClure
Nov 29, 2009 @ 6:45 pm | delete
- My father was against having LTC Insurance because he was convinced that he would never need it. His father died of a heart attack as did his grandfather so he was not going to spend the money on something that he would never need. After a year of arguing I convinced him to buy the long term care insurance, espeically since I spcialized in ltc insurance and had done so for many years, www.wisechoiceltc.com. Not long after he was approved for the insurance he developed a condition that completely did away with his balance. He was unable to walk without assistance of some kind. He went on claim and now his big complaint is that he did not purchase enough and that he elimination period was too long.
He brags to his friends at the ALF that this was the smartest thing that he ever did.
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Long Term Care Insurance Now
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by strother
My name is Strother Hammond , and I reside in Land O' Lakes, Florida with my wife and three kids. I graduated from the Georgia Institute of Technology... more »
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