What, Why and Who

What, Why and WhoWhat is long term care insurance?

Wow, it is a little frightening to think of needing long term care insurance. But you know what we really need to think about it. So what is long term care insurance? It is a type of health insurance that pays for skilled, intermediate, and custodial care in your own home, adult daycare setting, assisted-living facility, or nursing home.

Why do we need long term care insurance?

People buy long term care insurance feel the need to protect themselves financially in case they become unable to care for themselves because of a chronic illness, disability, or cognitive impairment, such as Alzheimer’s disease. If you have long term care insurance you want have feel you are a burden to your children. You may be able to stay in your own home if you get sick. Others just want to make sure they have the care should they need it.

Who needs long term care coverage?

According to the Insurance industry, just about everyone needs long term care insurance? Are they trying scarce us into buying insurance? No, just visit any nursing home. You will find that the residents are not just elderly people. Any age person can have a health related sickness or accident that requires them to need long term care. Research has been done that shows 60% of people who reach age 65 will require long term care at some time in their lives. One widely respected publication, Wall Street Journal, states “… a couple turning 65 has a 75% chance that one of them will need long term care.” This high risk can also affect the entire family where the children are at risk of a negative inheritance, also according to the Wall Street Journal.”

Cost of long term care

Long term care can be as much, or more, than $200.00 a day. Even with Medicare and a strong health insurance policy you still need long term care insurance. Many Americans think that if they are on Medicare they are covered for long term care. That is not the case. “When you ask them, ‘Does Medicare cover long-term custodial care?’ only a third know that the answer is no,” says Steven Wallace, associate director of the UCLA Center for Health Policy Research.all

It is important to choose your insurance provider wisely. It would be so tragic to choose a company that was no longer in business when you needed them. Or one that did not follow through as they had indicated they would. That is why you should let SMA Services, Inc. Help you decide what company you should purchase your long term care insurance from.

Give SMA Services, Inc. a call. We would like to work with you and help you chose what long term care insurance you need. We have a Customer Services Representative waiting to help you.
Customer Services – 1-800-423-4992

Long Term Care Easier for You

long_term_care_insuranceWhen addressing long-term care, it is important to understand what that label encompasses. Long-term care refers to the help needed by people with chronic illnesses, disabilities, or other conditions that affect them on a daily basis over an extended period of time. The type of assistance can range from help with simple activities like dressing or eating to assistance from skilled care workers that’s provided by nurses, therapists, or other professionals. It is important to understand the basis for which long-term insurance is built on and what it can potentially cover for you. With the help from the professionals at SMA Services, you can rest assured that you’ll have guidance and support through your search for the appropriate plan for your specific situation.

If you ever find yourself in the position where long-term care is a necessary next step, it is important to recognize a few facts about long-term care insurance itself. If you receive health coverage through an employer, you may come to find that employer-based coverage does not cover extended care services. You may also want to reconsider turning to Medicare, because their coverage will only assist in a limited amount of at-home care or for a short stay in a nursing home. These are among some of the reasons that people in the applicable situation turn to long-term care insurance to help cover day-to-day expenses.

There are a few factors to consider when examining the many options of long-term care insurance. Usually, policies cost less if they are purchased when you’re young and in good health. Those with older and more severe health concerns may not be eligible for long-term coverage – and if you are covered at an older age, you will ultimately spend a considerably larger amount for your plan. Examine your income; if you’re struggling to pay your necessary bills or you are concerned about paying them in the years ahead, a plan may not be the logical decision for you. You may have a support system built from family and friends who would assist you in your time of need if it arises. Think about if you would want them to help or if they logically could in your time of need. Think about your savings and financial investments. A financial advisor can assist you in ways to save for your future long-term care expenses and what the pros and cons are of purchasing a long-term insurance plan. Usually, benefits paid out through long-term care policies are generally not taxed. Determine how to itemize the benefits and how your tax records should reflect your long-term plan.

Long-term care insurance is important coverage that provides valuable support and financial resources that help cover the cost of long-term care you may need in the event of an illness, accident, or through the normal affects of aging. By helping you protect your assets, and giving you the choice and control over where and who you receive care from, SMA Services can help you and your family face the future with confidence and peace of mind.