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Do You Really Need Long-Term Care Insurance?
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It is reported by the Department of Health and Human Services, people who reach the age of 65 will have a 40 percent chance of entering a nursing home, while 10 percent of them will end up staying in one for up to five years or more, according to the Daily Finance website.
This leaves people wondering if these facts mean they should get long-term care insurance. The answer is, possibly.
What these numbers do not take into thought however, is the number aging people who will need at home care.
Long-term care insurance bridges the financial gaps for those with a chronic illness, disability or need assistance with everyday activities like bathing or getting dressed, according to Daily Finance.
According to the founder of Cornerstone Wealth Management, the cost for this long-term is an expense that will be as high as $90,000 a year, according to Daily Finance.
Medicare only pays for medically necessary, skilled home health care or nursing facilities. Also, it may not give you the best care option for you in your area.
Although Medicaid pays for some types of care for the low-income elderly, those who are eligible and what types of services they cover vary from state to state, according to Daily Finance.
Marion Somers, PhD, author of “Elder Care Made Easier: Doctor Marion’s 10 Steps to Help You Care for an Aging Loved One,” explains “not everyone needs long-term care insurance, but everyone needs a plan,” according to Daily Finance.
It is recommended when looking into long-term care insurance, to consider four important things such as how the bills will be paid, the cost of a stand-alone long-term care policy and to do your research and look around for the best policies available.
This story contains information from Daily Finance.
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Hands down, Apple’s app store wins by a mile. It’s a huge selection of all sorts of apps vs a rather sad selection of a handful for Zune. Microsoft has plans, especially in the realm of games, but I’m not sure I’d want to bet on the future if this aspect is important to you. The iPod is a much better choice in that case.