From McKnight’s Long-Term Care News
You’ve heard me say it before, if your plan is Medicaid to pay for your long term care (LTC), chance are good you will find no room at the inn with no alternatives except moving in with your children whether they can provide the care needed or not!
In the past year, 16 LTC facilities have closed their doors due to taking in too many people who ended up on Medicaid. Medicaid pays far less than the cost to care for you.
If you lose money on every customer, can you make it up with volume?
Of course you can’t. Push is coming to shove. It used to be people bought LTC insurance to keep from going broke and ending up on Medicaid. Today people buy LTC insurance to ensure there will be a place that will accept them when they need care.
Most assisted living facilities will not let you move in unless you can prove to them that you have the finances to pay for at least 2 years of care. Can you? Do you feel lucky today?
I can, with a LTC insurance policy I bought long ago when I was younger, healthier, and better looking. I could never buy one today, despite the fact that I took my daughter to the UP for skiing yesterday (written 3-29-2018). I am active, travel, work, but I have arthritis and diabetes. Diabetics are 65% more likely to end up with Alzheimer’s. If you are diabetic, you may not be able to buy LTC insurance anymore. Yes, I have alternatives, but they are far more expensive.
People ask me “At what age should I buy LTC insurance”? My reply is 6 months before you go in for that annual checkup, feeling fine, nothing is wrong, but after reviewing the standard blood tests your doctor says “I’m writing a prescription for (insert drug name here)” and suddenly you cannot get coverage. Don’t be that person who waits too long.
Where do you get LTC insurance? You can go to your car insurance agent. You can go to your life insurance agent. You can go to your financial planner. You can go to your podiatrist to see about a toothache too. I have been a LTC planner for 25 years.
When the proper things are taken into consideration, most people do not need as much of it as they first imagine. When the proper company and policy for your age and health are taken into consideration, the cost will be less. Go see someone who knows the industry, has the guidance you need and the best (not just one) policy for you.
Call www.TheLongTermCareGuy.com at (920) 884-3030 and schedule a time to investigate, for you.