Friday, January 20, 2012

Using Reliable Long Term Care Information

Beat the cost of care by arming yourself with complete long term care information such as long term care quote which you can gather from federal and state government agencies that aim to provide assistance to senior citizens. 

Local Area Agencies on Aging, Office of the Ombudsman, and the Department of Health and Human Services (HSS) are among the best sources of information for long term care (LTC) as they continuously monitor LTC facilities and keep abreast of the population that requires it. 

Older people are almost always associated with LTC but according to the HSS 40% of the current population receiving care comprises of members of the 18-64 age group.  Most young people require LTC due to injuries sustained from vehicular accidents or sports.  They enter nursing homes for rehabilitative treatment and therapy.

Meanwhile chronically ill individuals and those who are in the terminal phase of a sickness receive care in nursing homes to ensure their medical needs are met as they need 24-hour care and monitoring. 

More people these days require LTC unlike before as there were shorter life expectancies then.  According to the demographics of the elderly, male baby boomers are living into their 70s while the women will make it into their 80s or even 90s. 

Living longer appears to be a good thing but in the eyes of health care professionals and financial planners there is a downside to it.  Anyone who lives beyond 80 can acquire some form of geriatric disease because as a person ages his immune system gets weaker.  Getting sick at the age of 80 is not only dangerous to one’s health but also to his finances as this will require him to shell out a chunk of his assets, or worse outlive it.    

Back Up Your Plan with Long Term Care Information

You can avoid entangling yourself in financial problems after retirement by planning your future health care needs as early as possible and you can do that by shopping for long term care quote early. 

Elder care specialists and professionals on the field of long term care insurance (LTCI) have repeatedly said investing in a good LTC plan will cost lesser than paying for nursing home care.     

At present, you may feel confident about the cost of care especially if you happen to be a big shot in a private corporation with a six-figure annual income.  Unfortunately, today’s figures will no longer be applicable beginning 2030 when rates of LTC facilities begin to shoot up fourfold. 

Self-insuring in the future can only result in two things.  First, you will no doubt wipe out your assets to the cost of care and second, this will eventually impoverish your family. 

Heed the advice of experts because what they say about LTCI premiums being just a fraction of your total assets is so true.  Better sacrifice $2,000 annually if you can protect your total assets worth $300,000 rather than spend $300,000 for a year’s stay in a nursing home. 

You may also gather comprehensive long term care information from insurance agents who are authorized to market LTCI policies in your state of residence.  Aside from that, you can also get free longterm care quote. This is very important because this can help you find the best rates and impressive benefits that can give you safer and more stable senior years.