Long-Term Care Insurance – When is the Best Time to Plan and Purchase Long-Term Care Insurance
One of the more difficult retirement planning decisions are whether or not to buy long-term care insurance and, if so, at what age to purchase it. Long-term care planning is usually the one that is most overlooked. Most people do not picture themselves as old and needing care with daily activities, so long-term care planning is put on the back burner. In comparison, life insurance is usually purchased (at a young age), just in case of death in order to protect their families.
Long-Term care insurance hasn’t been around as long a life insurance, but plays an important part in protecting families in a variety of ways. Having a long-term care plan in place by purchasing long-term care insurance, gives you the ability to choose where and how you receive care. Staying in your home with the assistance of outside help will be paid for as well as receiving care in a variety of settings. You won’t be a burden on your family. Your family will remain what they should be, family not caregivers. And your assets will be protected.
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Unfolding the Long Term Care CLASS Act
The new health care reform law launches the first federal and consumer financed program called the Community Living Assistance Services and Support Act or CLASS Act.
This program is the answer to the seemingly far-fetched dream of many Americans of having affordable public health care program to help them pay costly long term care services. Currently, nursing home costs an average of 000 while home care costs an hour, these prices will increase in the succeeding years that exacerbate the problem of many American families. Long term care services are not limited to elderly individuals; they are also widely needed by people with disabilities. The CLASS Act also aims to revamp the untenable provisions in Medicaid by introducing consumer funded scheme that won’t affect the overall public budget and mitigating the asset limit requirement. Most of the provisions in the CLASS Act aim to lessen the impact of outrageous long term care effects on people
How to Qualify for CLASS Act
Tags: adult day care, health care program, living assistance services, long term care insurance, new health care, nursing home costs, payroll deduction, public budget, public health care, term care insurance