Person Who Takes Care Of An Old Persons House Finance Financing Options for Long Term Care

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Financing Options for Long Term Care

Older people should think seriously about long-term care because in a few years they will need some kind of care that can make them miserable and poor. Most of these elderly people face problems paying for their long-term care, as the cost of institutional and residential care is the most expensive type of care.

Financing long-term care services is one of the biggest issues facing many American seniors today. This prompts state and federal governments to establish programs to address this problem.

Here are some options for how you can finance your long-term care:

Private LTC Policies – Getting a private insurance for long-term care is the first thing you should consider. LTC policies are available from private insurance companies in various states. There is no fixed price for each policy, as premiums are based on age, health issues, state, and length and other features of coverage. Premiums increase with age; Thus, young policy holders get cheaper premiums as compared to their older counterparts.

Private policies typically cover a variety of facilities—homes, nursing homes, assisted living facilities, and adult day care. Also, most insurance companies offer features such as inflation protection, which increases the daily benefit either simple or compound; The elimination period, which is the number of days you have to pay out-of-pocket before joining the company; and the benefit period, the period (usually specified in number of years) for which the company will pay the insurance coverage.

Sharing Policies – Many Americans think that Medicaid and Medicare will save them from having to pay all of their long-term care needs. This is also the reason why many residents do not plan for their retirement. Contrary to what they expected, Medicaid would not pay anything until they had emptied their assets, and distinguished themselves from the poor. This means you have to be literally poor before you qualify for any Medicaid coverage.

Congress has come up with a program that promises to fix this shortfall in Medicaid. Thus, the Long-Term Care Partnership Program was created. Four states started the program, but more than 30 states have since joined the program to support the federal government’s efforts to budget Medicaid for LTC and help residents plan for their long-term care needs. The most notable feature of a partnership policy is asset protection or avoidance. This feature allows consumers to have assets that exceed Medicaid’s limits but still qualify for coverage. Medicaid allows consumers to retain assets equal to the benefit amount paid under the policy.

The CLASS Act – The Community Living and Assisted Services and Supports Act of 2010 is the newest program signed into law by President Barack Obama. The effective date will be January 1, 2011. The budget will come from money paid in by voluntary members, not taxpayers. Members will contribute $50 a day which will be placed in a trust fund, but the amount of the premium is yet to be determined by the Department of Human Affairs. The amount paid by members is not that expensive, but it can at least give them protection in case they need long-term care. Individuals rejected by private insurers due to pre-existing health conditions may qualify for the CLASS Act without any underwriting process.

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