Elder Care Costs Are Skyrocketing: Is Long Term Care Insurance A Viable Option?

With Baby Boomers Aging And Looking Toward Their Future Many Question How They Will Pay For Their Long Term Elder Care.


Planning for elder care for oneself or for a loved one is never easy. Finding the best elder care options can prove to be very difficult, but trying to figure out how to pay for elder care can be downright stressful.

Many Americans are often woken up to a rude awaking when confronted with finding the best care options for a loved one or themselves. Contrary to what most people believe Medicare does not cover assisted living or non-medical care. In addition, Medicare will only cover the cost of a nursing home stay up to 120 days. After 120 days the patient will need to have the proper private insurance plan or they will need to pay out of pocket.

With nursing homes costing up to $15,000 a day for care, it is apparent that many families can suffer financial ruin when having to pay for long term care. Although there are some government programs available through Medicaid, the patient must have very limited income and financial assets. This typically means middle class families have to spend money from retirement accounts, housing equity, and savings. Only after somebody spends down their life savings will they qualify for Medicaid.

With the cost of elder care being so high, long term care insurance could be a viable option when paying for elder care. Having a long term care insurance policy is not always the right solution for every individual. The cost for a long term care policy can be very pricey, and some may have a hefty deductible. However, for those individuals that can afford the monthly premium it may be worth the extra costs.

"Long term care insurance can be a valuable tool when planning for the future," says Mike Harriman of We Know A Place an Elder Care Referral Company. "Having a long term care insurance policy can help save an elder's personal assets and allow his or her money to last longer." We Know A Place helps families find the best elder care options for their aging loved ones. "We see it all too often. A family suddenly realizes that their loved one can no longer care for themselves and they need extra care. Then the scramble begins, as families try to figure out how to pay for mom or dads care."

There are numerous Long Term Care Insurance plans with many different options. Before deciding on an insurance policy one should do their research and find the best plan that fits their family’s financial plan.

For more information on long term care insurance or to find the best elder care options for a loved one, contact We Know A Place. Their service is free as they are funded by the elder care industry. Weknowaplace.com |800-500-Place.

Company Contact Information
We Know A Place
Mike Harriman
14111 Freeway Drive Ste. 300
90670
800-500-7522

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Original Source: Elder Care Costs Are Skyrocketing: Is Long Term Care Insurance A Viable Option?