Can You Leave The Insurance Company That Financed Your Home Financing Options for Long Term Care

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Financing Options for Long Term Care

Seniors should seriously think about long-term care because in a few years they will need some kind of care that could leave them miserable and impoverished. Most of these seniors face problems paying for their long-term care, as the costs of both institutional and residential care are the most expensive types of care.

Funding for long-term care services is the biggest issue many elderly Americans are dealing with these days. This spurs states and the federal government to establish programs that will address this problem.

The following are options for how you can finance your own long-term care:

Private LTC Policies – The first thing you would consider is getting private long term care insurance. LTC policies are available from private insurance companies in different states. There is no fixed price for each policy, because premiums are based on age, health problems, condition and duration and other characteristics of coverage. Premiums increase with age; thus, younger policyholders receive cheaper premiums than their older counterparts.

Private policies typically cover a variety of facilities: home, nursing home, assisted living facility, and adult daycare. In addition, most insurance companies offer features such as inflation protection, which increases the daily benefit whether simple or compound; elimination period, which is the number of days you will pay out of pocket before the company goes live; and benefit period, the period (usually designated in the number of years) that the company will pay for insurance coverage.

Partnership policies: Many Americans think that Medicaid and Medicare will save them from paying everything for their long-term care needs. This is also the reason why many residents are not planning for their retirement. Unlike what they expected, Medicaid will not pay any amount unless they have exhausted their assets and are distinguished among the poor. This means you have to be literally poor before you qualify for any Medicaid coverage.

Congress is coming up with a program that promises to overhaul this gap in Medicaid; thus, the Long Term Care Association Program was created. Four states started the program, but later more than 30 states joined the program to support the federal government’s effort to budget for Medicaid in LTC and to help residents plan for their long-term care needs. The most notable feature of the association policy is the protection or ignorance of assets. This feature allows consumers to retain assets in excess of the Medicaid limit, but still qualify for coverage. Medicaid allows consumers to keep assets equal to the amount of the benefit paid under the policy.

CLASS Act: The Community Living and Assistance Services and Assistance Act is the newest program that President Barack Obama signed into law in 2010. The effective date will be January 1, 2011. The budget will come from funds paid by members volunteers and not taxpayers. Members will give $50 a day to be placed in a trust fund, but the amount of premiums is still to be determined by the Department of Human Affairs. The amount members will pay isn’t that expensive, but it could at least give them protection when long-term care needs arise. Those who have been turned down by private insurers due to a pre-existing health condition can still qualify for the CLASS Act, without going through any underwriting process.

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