According to Medicare, We All Need to Protect Ourselves From the Overwhelming Cost of Long-Term Care (LTC)
Probably the most underutilized insurance coverage in America is Long-Term Care (LTC). Sorely missed when needed is a plan for your care when confronted with short and long term illness or incapacitation. Let’s be honest here; most people when asked “How will you provide for your own long-term care?” will offer the same exact same answer… Say it with me,
“My kids will take care of me.”
Or how about…
“I took care of my children. My children will take care of me.”
We hear these phrases being offered every time the subject of long term care comes up. however at some point in our lives. We may or may not contract a critical illness, but regardless of that, there are still times when we need some help.
The “3 Wants of Care”
Most people tell us they have at least 3 “Wants” when it comes to their care needs.
“We Want To Protect Our Assets; What We have”
We need to fund our own care plans, so that, in the event we become ill, we do not have to liquidate what it took a lifetime to accumulate. This happens every day in America.
“We Want Our Independence”
Yes. We all think our kids will take care of us, and many can and will, but would it not be nice if we could remain independent and not be a burden to our families? THE BEST STRATEGY is to arrange a plan so that our children can “manage our care”, not “perform our care”. Put them in a position to be a part of your care needs, but the day-to-day work needs to be performed by professionals.
“We Want More Choice in our Care”
The last thing any of us want to be in life is “without choice”. Having a solid care plan in place increases our choice options. We can decide ‘who”. We can decide “where”. We can decide “how” if we have the right care options in place when we need them.
Long-Term Care is Needed
Medicare does not cover most of the need that we have in this regard. In fact, “Medicare & You” discusses planning for your care in depth. (A copy of “Medicare & You” can be downloaded just below.) Having a well planned “care plan” is just crucial these days with it becoming harder and harder to even find qualified people to provide care to us when we need it.
Having a specific plan in place allows us to AFFORD the right care, when we need it the most. Sadly, this is one of the areas most Americans just put off thinking about, despite Medicare telling us that it is OUR RESPONSIBILITY to plan for our long-term care needs.
We have options. Our partners have well laid out plans for provide for your care, during short-term and long-term needs. These plans cover virtually all types of arrangements and facilities, as well as in your home.
We Have Viable Options to Paying For Our Long-Term Care Needs
Your Cool Agent can sit down with you, address your particular set of concerns, and assist you in researching the best plan available to you, in regards to those concerns. We have access to the top companies in this industry.
- “CLICK” To Learn About the Types of Care Plan Options – You have to begin by understanding the kind of options you have; with regards to “where” to receive care and which services are covered by any plan, and “how” to receive those services.
- “CLICK” To View The Genworth “Cost of Care” Study – This is an excellent, interactive report on the costs of care for each of the fifty states. Simply select a state and see what various kinds of care costs.
- “CLICK” to Learn About The Options For “How Do I Pay for Care?” – Sadly, this is a complicated, important read, explaining a little more about how Medicare and Medicaid work in regards to Long-Term Care.
Make sure you sit down with your Cool Agent and let him/her help you through this very important information. As always, we are here to educate you about these issues. No pressure. No hassle. We are Cool.
Below is a very interesting video by Dr. Marius Barnard, a reknowed heart surgeon. Dr. Barnard INVENTED the concept of the critical care policy. His thought was that insurance should not just pay out when people die, or pay their medical expenses, but rather that there should exist a type of insurance that would create a pool of money for those sick, while they were still alive, providing them with the funds NOW, so they could spend their time caring for their own illness, rather than having the stress and worry over how to support themselves and their families while they are ill.
These kinds of policies should “care for the living”, Dr. Barnard said.
Today there are policies (some quite reasonable) that can help to this regard. Your Cool agent will be glad to explain them further.