Shopping around for long term care insurance? Do you want to know why you need to compare several quotes from different insurance providers? Long term care is a serious issue that you need to care about. Long term care studies show that many people in the United States are not aware that Medicare does not generally cover future health care expenses. With 80 percent of families in America needing long term care services, it is important that you understand how an insurance policy can help you secure your future.
What does Long Term Care really mean?
Generally, long term care covers what is known in healthcare as activities of daily living or ADLs. These are daily self-care activities within an individual’s place of residence or in an outdoor setting, sometimes for both. Bathing and showering, eating, bowel and bladder management, personal device care and functional mobility are examples. If you are unable to meet two or more of these activities on your own, you are then considered a candidate for long term care. Most of the time, old individuals and young people with disabilities have problems performing ADLs on their own.
Long term care can be received from services and facilities that are vital in helping the individual to be at ease. Some of the most common facilities available for long term care are nursing homes, assisted living facilities and community based assistance services.
Does Medicare cover Long Term Care?
Medicare is the country’s social insurance program, created by the U.S. government in 1965. As an insurance program, Medicare guarantees Americans over the age of 65 and also younger individuals with disabilities including those with specific diseases access to health care. Although Medicare is helpful in many ways, it does not generally pay for long term care. With that said, if you are still fit to work and are earning well, you might as well consider purchasing long term care insurance.
Long Term Care Insurance and Cost
Since the cost of care is constantly rising, you can help protect your family from getting bankrupt by purchasing long term care insurance. Today, there are many websites that will make it easy for you to shop and compare long term care quotes. Furthermore, licensed insurance specialists can help you understand the basics of long term care planning. Their specialists can provide excellent advice whether this type of insurance is really for you.
If you are wondering how much this type of insurance costs, the answer is that it varies from one insurance provider to another. Insurance carriers consider various factors when determining the premium of an applicant. Important factors that drive the price of LTC insurance are your age and your present health condition. Insurance companies also have different coverage and limitations and these factors also affect the price of the insurance premium.
After numerous long term care studies, LTC insurance is now seen as a necessity. It empowers you to take control of your future. If you’re thinking about purchasing this type of insurance, talk to different private insurance providers. They will give you the basics of LTC and advise you on the best steps to take in planning for your future.