If you’re parents are within the ages of 59 to 61, there is a big possibility that they are still in control with their lives. However, when they move past that age range, that’s where they develop conditions and chronic illnesses. This is the stage that makes them dependent on you or other people for their LTC care needs. Is elder care insurance really a priority in the present? It is and is becoming a great concern for our country’s aging population. As the number of our country’s elderly increases, there is a need to improve the system of insuring and caring for the elder.
Cost of caring for the elder constantly increases – The cost of caring for the elderly increase as time passes. It is expected by the year 2030, the costs of long term care services would have increased four times. If this does happen, majority of elderly Americans would have to face the challenge of finding the resources to cover the costs of their LTC needs. They could opt to either self-insure if they have at least $5 million in savings. Another option is to apply for Medicare or Medicaid for limited long term care coverage.
Start early to avoid expensive premiums – When it comes to elder care insurance, it’s always beneficial if your plan ahead. This means that you don’t have to sign up for LTC insurance coverage while you are young (though it would be a good way to start). You plan out first the things that you would need as you age. Nursing home facility vs. living in your own home. Home health aide vs. daily custodial care. There are some of the things that you would need to keep in mind as you start planning and eventually enrolling yourself with long term care insurance and coverage.
Understanding everything before you sign the policy – Once you have stepped up with your LTC planning, it’s now time for your go enroll yourself for LTCI coverage. But just before you sign your name along the dotted line; it would be a good practice to review the policy that you are getting for yourself. You have to be aware of the premiums that you have to pay, the daily benefits you are entitled to, the services that are covered or excluded in the plan etc. When you know and understand even the fine print in your policy, growing old wouldn’t be such a bad idea.
Elder care insurance is becoming more of a necessity than a luxury for most elderly Americans. As the number of elderly Americans increase, the need for long term care coverage should be treated with grave importance. As the costs of caring for the elderly increases, learn and start early with long term care planning. Once you have outlined your LTC needs and just before you sign the policy, make sure that you know and fully understand even the coverage, benefits and even the fine print in your LTCI policy.