A Single person has to spend down their assets to under $1,000 before Medicaid will pay. Keep in mind that long term care does not necessarily mean care for the rest of your life. The odds: The odds of your needing long term care are overwhelming: The odds of requiring long term care in your lifetime have now risen to 70 percent. Now that you have the Facts the Question is how do you protect yourself at a reasonable cost. Keep in mind that long term care does not necessarily mean care for the rest of your life. 22% of all Americans over the Age of 85 are in a nursing Home. They can help you find and select an insurance carrier that will best fit your needs because of the extra training and education they have received in this field. That means that seven out of 10 Americans will use their policies - This is a far greater risk than an auto accident or a house fire. Some companies charge up to 35% more for someone who has used tobacco. Mike Makler is a Licensed Life Insurance Agent Based out of St Louis Missouri. The most common governmental benefit is provided by Medicaid, and a married couple can have approximately $100,000 in savings while still qualifing for nursing home benefits through Medicaid. These Annuities would allow you to take your Annuity over a Span of 5 Years to help pay for your long term Care Expenses. Government encouragement: Federal and state governments are now pushing hard for people to purchase their own long term care policies. The decision to purchase long term care insurance is a very important financial decision that should not be rushed. After a while, all of those insurance bills begin to add up. Over 40 percent will need care in a nursing home for some period of time.....It is difficult to predict how much or what type of care any one person might need. Because of these variables, the cost of long term care insurance can vary anywhere from lower than $100 every year to up in the thousands of dollars every year. Underwriting changes: Over the last forty years, insurance companies have found that many policyholders who purchased LTC coverage have kept these policies in force longer than insurers anticipated. Unum's analysis showed that 30 percent were cancer claims, and more than 10 percent were claims resulting from strokes. The point is that there is a great difference in LTCi policies from one company to the next, especially depending on your health history and habits. LTCi then helps make sure that there are enough funds available to avoid placing an undue burden on any one person or group of loved ones or friends. The main reason to purchase long term care insurance is to avoid being a burden to loved ones and also depleting all your financial assets before you die. The truth is that every company has their own proprietary method of determining policy features, premiums, and health issue qualifications. Applying for long-term care insurance is something that many people put off for many years believing that the longer they wait the more money they will save. Here is a quote from their website: "About 60 percent of individuals over age 65 will require at least some type of long-term care services during their lifetime. If long term care insurance is affordable for you, you should definitely consider transferring that risk to the insurance company. If so, keep in mind that you can't get auto insurance to cover a major accident AFTER the accident has already happened, if you didn't have the insurance beforehand. Long Term Care by the Numbers In the year 2010 about 12 million older Americans may need long term care. So a good question to ask is: What evidence is there that LTCi is a wise and sound investment?. Legal changes: Again, the federal government and some states have now changed the rules on what Medicaid applicants can legally do to qualify for benefits. This is also why it is such a good idea to have a clear idea of what LTCi policy foundational features are most important to you BEFORE you go shopping, since you will be able to make a better "apples to apples" comparison between companies if you do.
