Long Term Care Covers Injuries and Health Conditions

Long term care is not just solely for old people. There are different types of health conditions and injuries that warrant long term care services regardless of age.  Here are some of them:

1.            Traumatic Brain Injury – is a brain condition that results from jolts or blows to the head that impact the brain, which can inflict mild or severe damage.

2.            Spinal Cord Injury – this type of injury happens when the spinal cord, ligaments and spinal column are damaged because of the sudden traumatic blow to the spine.

3.            Medical Conditions – some medical conditions such as cancer, obesity, congestive heart failure, Alzheimer’s disease and stroke will require long-term care services.

Original Source: http://www.ltcoptions.com/injuries-conditions-warrant-long-term-care/

Long Term Care Insurance Facts

Since people are living much longer today, it will be more likely that most of us will require long term care at some point of our lives. According to the Administration on Aging, 70% of people 65 and above will need long term care one day. With the demand for this type of care is growing, people should start thinking about how to cover long term care expenses. This is where long term care insurance comes in the picture. 

Long-term care insurance works this way; you’ll pay a monthly premium based on your age, health and the type of care you prefer. This type of policy usually includes coverage for nursing home, assisted living facility, CCRC, adult day care and other types of long term care services. 

You can purchase long term care policy any time you want but since the cost rise as you age, experts recommend purchasing when you’re between 55 and 64. 

You can read the full article here and learn more facts on long term care insurance policy.

What is Federal Long Term Care Insurance Program?

FLTCIP or Federal Long Term Care Insurance Program is created by the Long-Term Care Security Act of 2000 or the Public Law 106-265 in order to address the long term care needs of the federal family.  As of now, FLTCIP is considered as the biggest group and employer-sponsored program for ltc insurance as it provides coverage for about 270,000 individuals. 

FLTCIP offers variety of benefits and those who are eligible can receive the following benefits:

1. Broad care settings option

2. Stay-at-home benefit

3. Portable coverage

4. Guaranteed Renewable

5. Waiver of Premiums

6. Care Coordinator Services

7. Convenient Payment Options

Original Source: http://www.ltcoptions.com/elder-care-laws/federal-long-term-care-insurance-program/

Tips in Helping your Parents Plan for Long Term Care

It is very challenging to keep track of your own finances like your child’s education, mortgage and car payment, and then your parents asked you for help. Are you ready to extend a helping hand?

There are some people who envisioned their retirement life enjoying the Caribbean, learning a new hobby or doing the things they were not able to do while they were working. However, healthcare and long-term care needs might burst your happy bubble. These things can affect enjoyment of life and as well as in leaving a big dent in your nest egg.

Fortunately, there are strategies that can help older adults lessen the impact of expensive long-term care expenses and they are the following:

1. VA benefits

2. Medicaid compliant SPIAs

3. Setting up a trust.

Working on these things with your parents will make the transitional stage of life more fluid and easier for the whole family. 

Click here to read the original article.

Long Term Care Insurance Infographic: Consequences of Being Uninsured

Around 84 million or half of all working-age American adults braved their future without long-term care insurance and paid out-of-the-pocket for long term care in 2012. 

Opting not to buy coverage has a lot of consequences such as financial burdens. The cost of long term care is skyrocketing these days which results into cost-related problems. According to the latest report, the median cost of nursing homes is about $80,000 annually while the median cost of assisted living facilities is around $43,000 annually. About 67% of people who don’t have coverage were reported to having issues getting needed care in 2012.

Check out the infographic below to learn more about the consequences of not getting long-term care insurance.

 

Click here to view the original source.