Senior Healthcare – What Are Your Options?

Are you worried about getting old? Growing old is inevitable. It is part of human life. Studies show that people age at different rates. The aging process is usually characterized by a decrease in physical and mental strength. It can also be accompanied by social and emotional changes. It is normal to feel afraid of becoming weak and needy. But living a life in fear is not fun and sometimes can cause anxiety problems. Experts suggest that in order to stay healthier longer, you need to have a positive view of aging. One way to do that is to start planning for senior healthcare.

Why do you need to plan for old age?

Aging can be a very frightening thought. To make your transition to old age much easier, you can start preparing before you face serious health problems. Remember that the cost of senior healthcare is not cheap. According to Gensworth Financial’s 2013 cost of care survey, from 2012 to 2013, the value of nursing homes went up by as much as 4%. The average price for nursing homes in America is currently standing at more than $80,000 per year.

What is long term care?

Long term care is a broad area of health care. Though it is usually associated with older people, long term care services also provide for younger people, particularly those who are unable to perform activities of daily living because of disability or medical disorder. Long term care facilities usually provide living accommodation for residents who need round-the-clock supervised care. They also offer professional health services, personal care and other services like housekeeping.

What is long term care insurance?

Wondering how you would pay for long term care? To afford expensive long term care services, you can use your own savings or take advantage of insurance products offered by various long term care insurance companies. Remember that long term care insurance or LTCI is different from health insurance or government funded insurance like Medicare or Medicaid. Long term care insurance provides for the cost of long term care beyond a predetermined period.

What is the difference between the Daily Maximum Benefit and Lifetime Maximum Benefit?

These are two important terms you need to familiarize yourself with regarding long term care insurance. The Daily Maximum Benefit covers long term care services that you receive on any given day, while Lifetime Maximum Benefit is the amount of money allocated for covered long term care services during your lifetime or while you are insured. Since the costs of care is constantly rising, it is advisable to find a plan with a higher lifetime maximum insurance benefit.

Today, there are many insurance companies offering long term care insurance policies. According to Charles Farrell, a tax attorney and CEO of Denver-based Northstar Investment Advisors, you need to be realistic about what you’re buying. Farrell would usually advise his clients to consider a long term policy as a way to ease costs rather than cover them entirely.

If you still have questions about senior healthcare and other long term care services, you can seek advice from reputable long term care insurance providers. They will more than help you about your LTC concerns. They can also shed some light on how long term care facilities will be able to help you maintain your dignity and enhance your overall quality of life.


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