Planning for Long-Term Care No matter what your age, it can be hard to imagine becoming so ill or frail that you can no longer care for yourself. Long-term custodial care may be required when a patient skilled medical care but cannot care for him- or herself. Costs for long-term care covered by HMOs, health insurance, or Medicare because they are generally deemed Long-term care insurance pays for some of this care. If you don't want to spend down your assets on your care, you consider buying the insurance. If you require long-term care and have long-term care insurance, your out-of-pocket cost for your care will be it would have been without the coverage. Degree of impairment required for benefits You may take activities of daily living (ADLs), such as dressing, getting in and out of bed, bathing, and walking, for granted. But these are just a few examples of functions that people who need long-term care can no longer perform. To begin to receive benefits from your long-term care insurance coverage, you usually must be unable to perform of the activities of daily living (ADLs) as defined by your insurance policy. Since the ADL that is most commonly lost first is your policy include it as a defined ADL. Type of care What are the usual categories of nursing home care? Check all that apply. Custodial care Intermediate care O Skilled nursing care Some people who need care can remain in their homes. Long-term care policies some level of home care. The expenses for nursing home care are be written to include they are for home care. Age The age at which you buy your insurance affects how much you pay for your annual premium as well as how much your premiums will add up to over the years. The younger you are when you buy the coverage, the the annual premiums and the likely you are to be rejected for a preexisting condition. The total of the premiums you pay over the years the cost of the care you'll need. Daily benefits Suppose two policies are similar in all other provisions except that one has a $300 daily maximum benefit and the other has a $750 daily maximum benefit. The premium for the $300 provision will cost the $750 provision. If you select the $300 provision, need to collect benefits, and the cost of your daily care exceeds $300, you will pay out-of-pocket expense than you would for the $750 provision. Benefit duration You've decided to limit the duration of your benefit payments, should you need them, to a 4-year plan, which will cost a lifetime plan. Besides the specific premium costs associated with the length of the benefit period, you made this decision because the average nursing home stay is the term of the policy you selected. That average is years. Waiting period Most policies have a waiting period before benefits begin (not retroactively). The longer the waiting period, the the premium. Inflation protection Suppose the policy you're considering offers inflation protection. The younger you are when you buy your policy, especially if you're under the likely your daily benefit will fall short of what you anticipated in the future. An inflation protection clause increases premiums In conclusion, it's important to learn how to choose the right policy so you can obtain one with coverage at a cost that Becoming familiar with what long-term care involves, and the options available for providing it, will enable you to plan for your future or perhaps help others, particularly older friends or relatives, plan for their futures. It will most likely be emotionally, mentally, and financially easier to make wise decisions about long-term care it becomes necessary. Planning for Long-Term Care No matter what your age, it can be hard to imagine becoming so ill or frail that you can no longer care for yourself. Long-term custodial care may be required when a patient skilled medical care but cannot care for him- or herself. Costs for long-term care covered by HMOs, health insurance, or Medicare because they are generally deemed Long-term care insurance pays for some of this care. If you don't want to spend down your assets on your care, you consider buying the insurance. If you require long-term care and have long-term care insurance, your out-of-pocket cost for your care will be it would have been without the coverage. Degree of impairment required for benefits You may take activities of daily living (ADLs), such as dressing, getting in and out of bed, bathing, and walking, for granted. But these are just a few examples of functions that people who need long-term care can no longer perform. To begin to receive benefits from your long-term care insurance coverage, you usually must be unable to perform of the activities of daily living (ADLs) as defined by your insurance policy. Since the ADL that is most commonly lost first is your policy include it as a defined ADL. Type of care What are the usual categories of nursing home care? Check all that apply. Custodial care Intermediate care O Skilled nursing care Some people who need care can remain in their homes. Long-term care policies some level of home care. The expenses for nursing home care are be written to include they are for home care. Age The age at which you buy your insurance affects how much you pay for your annual premium as well as how much your premiums will add up to over the years. The younger you are when you buy the coverage, the the annual premiums and the likely you are to be rejected for a preexisting condition. The total of the premiums you pay over the years the cost of the care you'll need. Daily benefits Suppose two policies are similar in all other provisions except that one has a $300 daily maximum benefit and the other has a $750 daily maximum benefit. The premium for the $300 provision will cost the $750 provision. If you select the $300 provision, need to collect benefits, and the cost of your daily care exceeds $300, you will pay out-of-pocket expense than you would for the $750 provision. Benefit duration You've decided to limit the duration of your benefit payments, should you need them, to a 4-year plan, which will cost a lifetime plan. Besides the specific premium costs associated with the length of the benefit period, you made this decision because the average nursing home stay is the term of the policy you selected. That average is years. Waiting period Most policies have a waiting period before benefits begin (not retroactively). The longer the waiting period, the the premium. Inflation protection Suppose the policy you're considering offers inflation protection. The younger you are when you buy your policy, especially if you're under the likely your daily benefit will fall short of what you anticipated in the future. An inflation protection clause increases premiums In conclusion, it's important to learn how to choose the right policy so you can obtain one with coverage at a cost that Becoming familiar with what long-term care involves, and the options available for providing it, will enable you to plan for your future or perhaps help others, particularly older friends or relatives, plan for their futures. It will most likely be emotionally, mentally, and financially easier to make wise decisions about long-term care it becomes necessary