Term Life Insurance No Medical
---------Paying For Nursing Care Services
by David Marks
How does nursing care get paid for?
It is important for you to understand who pays for long term care.
Have you ever had to help pay for nursing care? If so, you know that the costs are high.
Please take the time to understand who pays for nursing care costs.
Some people just believe that the government will take care of it if they do not have the money This may be true, but it is not a perfect solution. If you are making retirement plans, you should research the various ways that nursing care gets paid for.
There are also a variety of ways that people may get these services. They may be in a skilled nursing facility, rehab center, at home, or in an assisted living home.
Some people assume that Medicare, the US health plan for seniors and disabled Americans, will pay for everything. This is not true. Medicare benefits are only meant to pay for short term pay or very unique circumstances.
This is true even if you have a supplement or Medicare Advantage plan. In general, these plans may expand your benefits, but they usually only cover the same things that the original plan covers. Please read the details of your own plan to see how they cover nursing care.
The US government tells us that about half of these expenses get handled from personal savings
This is a huge expense for most people. It can cost thousands of dollars a month to provide the right services. This can quickly deplete a lifetime of savings.
When savings are gone, some of these people may qualify for Medicaid coverage.
Medicaid does pay for long term care services. But you must have few assets and a very low income to qualify. This means you may have to spend most of your savings before you can use Medicaid.
Some people decide to buy long term care insurance (LTCi) because it specifically covers nursing services. There are many different types of policies though.
You may find a policy that covers all sorts of different care options. Others may only cover nursing homes.
In addition, some plans are tax qualified. This means that you can deduct the premiums from your taxes. Other plans are not tax qualified, and this means you will not get any tax benefits.
Also think about some other options. There are long term care insurance alternatives.
There are some other products that may provide an alternative to a stand-alone LTCi policy. Some life insurance policies or annuities have clauses that allow the owners to take some of the face value or cash account in case they need to use it for nursing care.
For some people, this more flexible benefit is more attractive.
It is important for you to understand who pays for long term care.
Have you ever had to help pay for nursing care? If so, you know that the costs are high.
Please take the time to understand who pays for nursing care costs.
Some people just believe that the government will take care of it if they do not have the money This may be true, but it is not a perfect solution. If you are making retirement plans, you should research the various ways that nursing care gets paid for.
There are also a variety of ways that people may get these services. They may be in a skilled nursing facility, rehab center, at home, or in an assisted living home.
Some people assume that Medicare, the US health plan for seniors and disabled Americans, will pay for everything. This is not true. Medicare benefits are only meant to pay for short term pay or very unique circumstances.
This is true even if you have a supplement or Medicare Advantage plan. In general, these plans may expand your benefits, but they usually only cover the same things that the original plan covers. Please read the details of your own plan to see how they cover nursing care.
The US government tells us that about half of these expenses get handled from personal savings
This is a huge expense for most people. It can cost thousands of dollars a month to provide the right services. This can quickly deplete a lifetime of savings.
When savings are gone, some of these people may qualify for Medicaid coverage.
Medicaid does pay for long term care services. But you must have few assets and a very low income to qualify. This means you may have to spend most of your savings before you can use Medicaid.
Some people decide to buy long term care insurance (LTCi) because it specifically covers nursing services. There are many different types of policies though.
You may find a policy that covers all sorts of different care options. Others may only cover nursing homes.
In addition, some plans are tax qualified. This means that you can deduct the premiums from your taxes. Other plans are not tax qualified, and this means you will not get any tax benefits.
Also think about some other options. There are long term care insurance alternatives.
There are some other products that may provide an alternative to a stand-alone LTCi policy. Some life insurance policies or annuities have clauses that allow the owners to take some of the face value or cash account in case they need to use it for nursing care.
For some people, this more flexible benefit is more attractive.
About the Author:
Do you want to find out more about how to pay for long term care? Also read about the pros and cons of long term care insurance.
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