This is the second part on what may be needed to provide for long-term care for an individual. As discussed in the prior post, there are three ways to pay for long-term care in the U.S.A.: 1. Self-Pay, 2. Long-term care insurance, 3. Medicaid. We discussed self-pay previously. Today, we will look at long-term care insurance.
Long-Term Care Insurance. If you were to need full-time nursing home care, the costs for southwest Oklahoma tend to run between $3,500 and $5,000 per month. If you have purchased a long-term care insurance contract, the provider of the insurance will typically cover most of this cost. I say “most” because the specific contract will dictate the amount that the insurance provider will pay and I typically do not see contracts that will cover all costs for as long as the individual is in the nursing home.
Long Term Care insurance is a great way to cover expenses should you need nursing home care, but there are two main things to consider when you look to purchase (or if already purchased, when you review your coverage) a long-term care insurance policy.
First, the policies are issued by companies that seek to make a profit on the sale of the policy, so one of the main things they consider when underwriting it is if you are healthy and what your family history is with these type of expenses. The main thing to learn here is that you should apply early for the policy and you should be aware that you may not get accepted for a policy. If you are accepted, then premiums will vary greatly depending upon when you purchased and what coverage you get.
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Second, you need to review what the coverage will be of your policy. When many of these policies first came out, they were great deals (meaning an individual often paid way less in premiums than he ultimately got out in payments). However, the insurance companies have learned to manage their risks much better since then, so most policies now have lifetime benefit limits or maximum montly payments that will be made. These are just part of the business, but if you have a policy that you may depend on, it is best to look thoroughly at the policy to see if one of these limits will affect you.
What should you learn from this? I highly recommend long-term care insurance, but you need to be aware that you have to first qualify for it to be issued to you and even after qualification, it may not cover all expenses of a nursing home, especially if you need the care for an extended period of years.
If you already have a policy, or if you are interested in a policy, then come by and meet with me and we can look at all aspects of your estate plan and we can ensure you get the policy your and your family need.