Florida Long Term Care Insurance
When I review Medicare Supplement benefits with my clients I’m inclined to point out that Medicare will not pay for custodial care if and when needed. Custodial care is non-skilled care and is the kind of assistance that you may need at some point in the future if you encounter an injury or illness that incapacitates you. For example; if you break your hip and you need help transferring, bathing, dressing, etc, you would need to hire a home health aide to assist you. This is something that Medicare will not pay for, to the surprise of many people. Medicare will only pay for skilled care such as physical or occupational therapy and the therapist must document that progress is being made. A typical therapist visit would only be for 30-60 minutes. For the remainder of the day, if you need any kind of assistance whatsoever to safely get around the house, bath, transfer, drive, eat, etc, you would either have to use your own funds to hire someone or have a Long Term Care Insurance policy, which would significantly help in paying for such a service.
It is true that Medicare Part A covers the first 20 days of care at a skilled nursing or rehab facility. With the right Medicare Supplemental plan, you can cover up to 100 days. However, if you need non-skilled care (custodial care) above and beyond those 100 days, you would either have to pay for that care out of your life savings or have a long term care insurance plan in place.
There is no question that people are living longer as the life span of Americans continues to increase. Most people don't thoroughly plan for how they will support themselves when they reach their golden years, when it’s significantly more likely that you’ll need more medical assistance than you do currently. If you are determined to take care of yourself and your living expenses as you get older, and remain as independent as possible, and you are looking for coverage that will help pay for care that you receive outside of a hospital, purchasing long term care insurance may be your answer and is a solution you ought to be thinking about and considering seriously.
There are tons of expenses that come with getting older. In addition to doctor's visits and prescription medication, there may come a time when you may need to hire someone to help you at home or you may need to move out of your home. When you were younger, you might have thought that you would never live in an assisted living center or nursing home. But now that you are older, your home seems to be a bit too large for you, and your health may require that medical personnel be close by.
In order to be able to move to a place where you can get the care you need, long term care insurance can significantly help lower you're out-of-pocket costs. And, if you choose to stay in your home as you age, long term care can help you handle the costs of getting the care you need directly in your Florida home.
No matter how you choose to live out your retirement, long term care insurance can help you maintain your independence while taking the physical and financial burden of care off your family and loved ones. It's never too early to consider long term care insurance. The younger you are when purchasing Long Term Care Insurance, the less costly it is and the more likely you’ll be approved as a result of having good health.
More and more, professional long-term care services are being delivered in the comfort of people’s homes as well as out-patient facilities. Even if nursing care is needed, many private facilities offer compassionate quality care in pleasant surroundings.
Long term care doesn’t have to mean the end. But failing to plan for it may. The unexpected burden of one serious illness can threaten your financial stability and take a heavy toll on you and your family. Worst of all, not having this kind of protection leaves you with reduced control over the type and quality of your own care.
Long term care can include a broad range of services, provided in any setting outside a hospital. It might be as simple as getting help with daily tasks such as bathing. Whatever form it takes, chances are, the longer you live, the more likely you’ll need this type of care. Staggering statistics report that about sixty percent of Americans over age 65 will require some type of long term care in their lifetime. The average long term care insurance claim is about 2.3 years.
Some financial planners counsel clients on how to take advantage of existing loopholes in Medicaid laws by artificially spending down assets in order to qualify. This has gotten much more difficult to do and ultimately leaves you unable to control your own care. Many quality facilities are reluctant to even accept Medicaid patients at all. Those of you without adequate private funds or good long term care insurance may find long waiting lists for getting into a reasonable facility.
In summary, Long Term Care Insurance is designed to:
- Maintain financial independence while retaining your dignity.
- Protect your assets and savings from the high cost of facility care.
- Remove the burden from family members or loved ones.
- Maintain your current lifestyle.