Now is the time to get more information about long term care insurance and find a plan to fit your needs. Some of the more common illnesses were Alzheimer's disease, cancer, strokes, and stability and mobility issues. Certain Assets are Exempt from the Spend Day requirement and it is strongly advised if you have significant assets that you contact a Financial Advisor or attorney, who specializes in asset protection for seniors in your State. Likewise, you can't wait to invest in home insurance until your home is actually on fire and burning down, and expect to be covered. In a similar vein, the time to invest in LTCi is when you are healthy enough to be able to qualify and keep the rates low. The truth is that every company has their own proprietary method of determining policy features, premiums, and health issue qualifications. With the rising cost of long-term care, it's important to start planning now for your future health care needs. Long term care insurance is an important financial planning tool, and it's important to apply while you're still healthy. Unfortunately, nothing quite prepares us for having to care for the needs of another grown adult when they are no longer capable of doing so for themselves, if we have not already been trained for such a situation. It is wise to look for those that have the CLTC designation which stands for "Certified in Long Term Care". If you consider the cost of long-term care which could stretch to more than $50,000 per annum in some instances, long-term care insurance could prove to be an excellent investment for the long term. Long term care insurance is not just for older people, accident or major illness can require extended care and financial resources. Obviously, if more people purchase long term care insurance, fewer people will tap into the Medicaid and welfare programs that are jointly funded by the federal and state governments. Since a three year stay in a nursing home fifteen years from now will most likely cost just under a million dollars for a couple age 65, it can spell financial ruin for many folks who have worked hard to save carefully all their lives. Statistics on the effect that providing long term care can have on caregivers show that in many cases the caregivers eventually become almost as sick as those that they have been caring for, and many never fully recover from the effects of such devoted care. 22% of all Americans over the Age of 85 are in a nursing Home. Most people wouldn't even consider being without homeowners and auto insurance, but there are far too many people who are not yet protected with long term care insurance. Estate recovery: If one needs Medicaid for their long term care needs, 49 out of 50 states now have laws to place a lien against the equity in one's home, so that when the Medicaid patient and their spouse, if applicable, pass away, the state will require repayment for the money they contributed toward their health care. Long term care insurance is nursing home and in-home care insurance. This extended "look-back periods" for gifting to five years from three years. Keep in mind that long term care does not necessarily mean care for the rest of your life. Each year that you wait before taking out long-term care insurance is likely to result in an increase in annual premiums. Here is a quote from their website: "About 60 percent of individuals over age 65 will require at least some type of long-term care services during their lifetime. Unum's analysis showed that 30 percent were cancer claims, and more than 10 percent were claims resulting from strokes. While about one-third of today's 65-year-olds may never need long-term care services, 20 percent of them will need care for more than five years.". Government encouragement: Federal and state governments are now pushing hard for people to purchase their own long term care policies.
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