What is a long term care event? Simply put, a long term care event refers to a wide range of services to care for people with chronic illnesses or disabilities during extended periods of time. Although these services are provided for every age and disability, they are usually associated with the elderly. They typically include medical, nursing, custodial, and social services that cannot be provided by family and friends.
How is long term care performed? Long term care can either be outpatient or inpatient. Outpatient services can include adult day care and in home assisted living. Outpatient care usually refers to assisted living facilities and nursing homes. The type and level of care is determined by the needs of the patient and the requirements of the family.
Long term care is extremely expensive and as health care costs continue to skyrocket out of control, the rates will not go down. In home services like adult day care and assisted living can cost between $20,000 and $50,000 annually. Committing to an assisted living facility or nursing home can cost at least $50,000 and easily exceed $100,000 per year. It is no wonder that families of patients oftentimes have to change or reduce hours at work, even quit working, to stay home and help take care of their family members.
What can you do to be financially prepared? Unfortunately, Medicare and most private health insurance companies will not cover long term health care. And if they do provide some form of long term health care, they will usually limit it to a short term specialized care that is medically necessary. Additionally, they will oftentimes not cover any non-medical costs that are incurred.
On viable solution is early enrollment in a long term insurance policy. This type of policy will usually cover chronic illnesses or diseases that cannot be cured. They will normally start coverage where private insurance companies leave off.
Another possible route that you can take is to tap into a life insurance policy. Most life insurance companies will settle the policy early, before death, for a smaller amount than the actual settlement. Some life insurance companies will even advance a portion of the settlement for a fee. If neither of these options is available, viatical settlement companies will give you most of the settlement to you up front, provided the insured person is terminally ill. They will just have you sign over the policy to them and they will take a certain percent, usually around twenty percent as profit.
There are several options to paying for long term health care. Regardless, long term care events are difficult emotionally and financially. However, proper research and knowledge can help you to make the best decision for your personal situation.
How is long term care performed? Long term care can either be outpatient or inpatient. Outpatient services can include adult day care and in home assisted living. Outpatient care usually refers to assisted living facilities and nursing homes. The type and level of care is determined by the needs of the patient and the requirements of the family.
Long term care is extremely expensive and as health care costs continue to skyrocket out of control, the rates will not go down. In home services like adult day care and assisted living can cost between $20,000 and $50,000 annually. Committing to an assisted living facility or nursing home can cost at least $50,000 and easily exceed $100,000 per year. It is no wonder that families of patients oftentimes have to change or reduce hours at work, even quit working, to stay home and help take care of their family members.
What can you do to be financially prepared? Unfortunately, Medicare and most private health insurance companies will not cover long term health care. And if they do provide some form of long term health care, they will usually limit it to a short term specialized care that is medically necessary. Additionally, they will oftentimes not cover any non-medical costs that are incurred.
On viable solution is early enrollment in a long term insurance policy. This type of policy will usually cover chronic illnesses or diseases that cannot be cured. They will normally start coverage where private insurance companies leave off.
Another possible route that you can take is to tap into a life insurance policy. Most life insurance companies will settle the policy early, before death, for a smaller amount than the actual settlement. Some life insurance companies will even advance a portion of the settlement for a fee. If neither of these options is available, viatical settlement companies will give you most of the settlement to you up front, provided the insured person is terminally ill. They will just have you sign over the policy to them and they will take a certain percent, usually around twenty percent as profit.
There are several options to paying for long term health care. Regardless, long term care events are difficult emotionally and financially. However, proper research and knowledge can help you to make the best decision for your personal situation.
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