| Recent studies highlight what is a growing | | | | to assist with both medical and non-medical |
| set of problems associated with long-term | | | | needs of people suffering from debilitating |
| health care costs. Many of these problems | | | | and chronic illnesses or other types of |
| arise out of the fact many Americans simply | | | | disabilities, are unable to provide adequate |
| do not know how much these costs are and many | | | | care for themselves much of the time |
| rely on Medicare to pick up the bill when, in | | | | throughout the day. Long-term care insurance |
| many cases, there is not enough to go around. | | | | helps to keep down the costs that will be |
| If these issues were not enough, the fact | | | | regular part of day to day life. A standard |
| that numbers of people declaring bankruptcy | | | | policy should deal with the costs of |
| because of out of control medical bills, has | | | | nursing-home facilities. With LTC coverage |
| created its own share of difficulties for | | | | you have the chance to receive a daily dollar |
| long-term care and insurance coverage for | | | | benefit or a fixed amount of money each day. |
| those people who are not at retirement age. | | | | |
| | | | There are five central areas to view when |
| Other factors that are beginning to have a | | | | considering long-term health insurance. They |
| greater impact upon health care costs and | | | | are comprehensive or facilities-only plans, |
| coverage involves companies reducing the | | | | daily benefit amounts, the elimination or |
| range of their pension plans (in some cases, | | | | wait time, the benefit period, as well as |
| getting ride of pension programs entirely) | | | | inflation protection. |
| and the health care benefits that are | | | | |
| associated with those plans. Major medical | | | | Comprehensive plans help pay for costs of |
| problems later on in life, during your | | | | care in the home as well as an outside |
| retirement years can have negatively affect | | | | nursing facility. Facilities-only plans |
| your retirement savings amount since Medicare | | | | require the care takes place at a long-term |
| will handle only so much before you will have | | | | care facility such as a nursing home or a |
| dip into your own funds. | | | | hospice. They are also the less expensive |
| | | | option when compared with comprehensive |
| Long-term care insurance (LTC) is one of the | | | | plans. |
| answers to this growing problem that is | | | | |
| offered by many insurance companies to | | | | Some plans pay on a monthly or weekly basis |
| protect consumers from these types of | | | | is called the daily benefit amount. The |
| situations. These unique insurance policies | | | | benefit amount is the amount of time that you |
| take the place of the frustrating experience | | | | the customer wish establish to receive the |
| dealing first with Medicare up to the point | | | | daily benefit amount. This period varies. |
| where extended care options are mentioned. | | | | |
| Medicare does not cover extended care | | | | How long you have to wait from the time you |
| situations. This makes long-term care | | | | are eligible for the benefit until you begin |
| insurance a more appealing option, | | | | receiving them. When policies have brief or |
| particularly when all other avenues have been | | | | non-existent waiting periods, the costs will |
| exhausted. | | | | be quite high over the course of time. |
| | | | Inflation protection is a way to mitigate the |
| LTC coverage includes services that are used | | | | rising health care costs. |