Healthcare costs are not immune to inflation. On average, the cost of health care can rise annually anywhere from 4% to 7%. It is important when purchasing long term care insurance to build in protection to your benefits for the daily, weekly or monthly maximum benefits. There are usually three types of inflation protection programs [...]
The benefit period for your policy will vary for anywhere between 2 years and unlimited lifetime coverage depending on the level of plan you purchase. The benefit period means the amount of time your policy will pay for your care. Applicants should keep in mind that while premiums will be paid until the policy holder [...]
Comprehensive plans are designed to allow people to stay home longer and assist in the transitions to other levels of care as needed. These plans will cover your long term care including in home care, adult daycare, assisted living and nursing home care. This is a more expensive plan as it encompasses both home care [...]
In order to use your long term care insurance, a licensed healthcare practitioner will need to qualify that the insured needs help or substantial assistance with at least 2 out of the 6 daily living activities listed below for a period of 90 days or more. Daily Living Activities: Bathing Dressing Eating Toileting Continence Transferring [...]
Long term insurance costs depend on the options chosen by the applicant. The more options you choose, the higher the cost of your plan will be, but it will still be more affordable than the price of long term care in a nursing home without insurance. Recognizing that the premiums for long term care insurance [...]
While reverse mortgages do not affect Medicare or social security income, they can affect local programs such as Medicaid. In Ohio, the proceeds from a reverse mortgage that is received in a lump sum will count toward eligibility. If you are someone that needs to be on Medicaid, “gifting” and additional cash flow may ruin [...]
Each individual state will have the opportunity to help protect Medicaid budgets by implementing Long-Term Care Insurance Policy plans. Requiring that benefits of qualifying insurance policies be paid before Medicaid benefits can be assessed will help to greatly reduce the burden on the Medicaid program. These policies will also allow individuals to protect a portion [...]
Medicaid, established by federal law, is administered by each state individually. Medicaid is considered a long term care payer of last resort for frail seniors, people with health problems, mental retardation or mental illness and those with both physical and developmental disabilities. Each state determines coverage of the costs of long term care and services. [...]
Care that is prescribed by a doctor and performed by licensed health care professionals is also referred to as skilled care. Wound care, IV antibiotics and physical therapy after a stroke are some common times when skilled care is required. Care that is privately paid for and can be performed by unlicensed caregivers, including family [...]
A common misconception is that health insurance will pay for long term care. However, most insurance policies are not built this way, including Medicare, Medicare Supplements, HMOs, employer supplied insurance and disability insurance. Medicare, for those 65 and older with disabilities and/or End Stage Renal disease covers much of your healthcare, but not all. This [...]