What exactly is long-term care insurance?
The term includes a range of services that vary widely. They range from home care and day care for adults to residential care in assisted living facilities and nursing homes. However, long-term care is usually defined as the long-termcare insurance or a practical assistance provided over an extended period of time to people (of any age, although the main users are the elderly) who cannot take care of themselves due to a prolonged disability, a disease or cognitive impairment such as Alzheimer's disease.
A person qualifies for long-term care when a doctor or other health professional certifies that he or she cannot independently perform at least two activities of daily living, such as bathing, dressing, and eating.
The cost of long-term care insurance:
Unfortunately, long-term care insurance is economical: for 2016, the average cost of a private room in a nursing home is $ 92,378, and that of a home care assistant is $ 46,332. Inexpensive areas, those amounts can be almost double. To calculate costs in your area, use long-term care calculator. And contrary to popular belief, Medicare and other types of health insurance do not pay those bills, because long-term care is not considered a medical expense. Medicare will only cover specialized nursing care and therapy services after someone has been hospitalized.
The bottom line: unless you're sure you can pay for this care for yourself (or qualify for Medicaid, which happens only when you've exhausted your resources and meet the other eligibility requirements of this government program), you probably You should think about hiring long-term care insurance as we are the best and the most affordable. However, the average consumer faces a dilemma: the cost of this insurance is almost as prohibitive as that of care.
So the verdict is that everyone at one stage needs the long-term careinsurance, then why not you. Invest at the right place!