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Long term care is a way to help cover the cost of long-term care services. Long term care can include assistance with activities such as eating and bathing, or it can include supervision with activities such as driving. Long term care can also be provided in your own home, assisted living facility or nursing home.
The U.S. Bureau of Health Professions stated “The number of people 65 and older who will require LTC is projected to increase by 61%, from 37 million in 2000 to 59 million in 2020.”
As you can see, the number of people 65 and older who will require LTC is projected to increase by 61%, from 37 million in 2000 to 59 million in 2020. There will also be an increase in the overall population of people 65 and older by almost 20% over the next decade.
Medicaid Covers Thousands Of Services For Seniors With Low Income And Limited Resources, Including Long-Term Care In A Nursing Home.
Medicaid is a Federally-funded program that provides health coverage to low income and/or disabled individuals, as well as their families. This is done by providing access to medical care and payment for such care, in some cases. Medicaid has been around since 1965, when LBJ signed the legislation that created it into law.
Medicaid does not cover long term care for everyone who needs it, however. In order for you or your loved one to be eligible for Medicaid benefits, you must meet certain requirements set out by each state’s Department of Health Services (DHS). The DHS uses federal guidelines from the Social Security Administration (SSA), which says if your spouse earns less than $2,250 per month before taxes or if all members of your household earn less than $3200 per month before taxes then you may be eligible for Medicaid assistance with LTC costs
Long Term Care Insurance Will Help Cover The Cost For Care Received In Your Home Or Another Setting Outside Of A Traditional Nursing Home.
Long-term care insurance is a contract between the insured and an insurance company. The contract provides protection against the cost of nursing home care, assisted living, adult day care and home health care.
Insurance companies offer different features based on your needs. Some policies have higher benefits than others and some have lower premiums than others. You can choose which policy best suits you by comparing the various options available to you through different carriers or agents that specialize in long-term care insurance (LTC).
Long Term Care Is A Good Way To Prepare For The Future
Long term care insurance is a great way to prepare for the future. While it can be expensive, long term care insurance isn’t a substitute for a will. That said, you can purchase long term care insurance at any time and use it in the event of an illness or injury that prevents you from being able to maintain your normal daily functions.
While it may seem overwhelming to plan for your future, long term care is a good way to prepare for the future. We hope this article has given you some valuable information about long term care and how it can help with your finances.
