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What Is The Difference Between Long Term Care Insurance And Medicaid
Before you decide which is best for you you will need to know what is the difference between long term care insurance and medicaid. Once you have read this article you will be able to make a well informed choice as to which is the best for you and your family.
If you become ill at any point in your life you will want to know that you will be able to receive the care you need without worrying about others having to foot the bill. This is something that long term care insurance will be able to do for you. It will also mean that your assets will not be at risk and you will be able to keep any savings you have or pass them on to a loved one.
Anyone with a long standing illness or disability may need some care during the day that your family cannot provide for them. With long term care insurance, the cost of someone coming in on a daily basis to ensure you are OK and also to administer and medicines you may need as well as helping you take care of yourself is covered.
If family members will be out or you live alone then you may not want to spend all of your time within your home, especially if you are unable to get out and about yourself or if your spouse is still working. In this case you could have day care at a center and return to your home in the evening, which will either give your loved ones a break as well as letting you get away from home and socialize as well as having all the help you may need.
Anyone who is in need of 24 hour care, may want to go into a residential home, this could prove costly if you did not have the long term care insurance to take care of it for you and your family could end up footing the bill if they have savings. This will mean that you do not need to worry about any evening care you may need as there are trained medical staff on all the time to meet the needs of anyone who requires it.
As it is possible that many people will need long term care as they get older it is a good idea to ensure you have such coverage. The facts are actually 50% of people will eventually need such care and you should be aware that long term care is something that the government will not fund.
If you are unable to financially cover the care that you or a family member need then the government offers a scheme called medicaid. They do only give limited help which is why if possible long term care insurance is the better option.
You are most unlikely to be able to get home care under medicaid, which will mean that you will need to go into a residential home to receive the care you need. The amount of homes that are covered by the medicaid scheme are limited, which means that it is most unlikely you will get the care home that you choose.
To qualify for medicaid your assets and savings can be no more than $2000. If they are then they will be taken to cover costs or medicaid will not cover care until the amount of money in your savings dwindles to this amount. To get the help from medicaid in the past people have given their savings to family members or have put them to a different account. It has been made aware to the government and they will now take action against anyone who does this and they will refuse you application which will mean you will have to find another way to fund long term care until the amount equal to what you have given away in relation to what a nursing home would cost is covered.
Before making your choice you will need to think about the good and bad points to both ways of funding your long term care, as you will never know no matter how healthy you are now what could happen in the future. You will have the peace of mind that your family will not have to pay the care you have received and know that your assets will go to whom it is you wish them to not to the government.
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Before you go out and buy a policy go to Long Term Care Insurance, ask questions and request a long term care insurance quote. We represent 20 of the top LTCi providers. This gives you tremendous options.
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