Long term care is something that no one wants to consider or plan for. It is not something anyone wants to imagine that one day they will need assistance with dressing, bathing and eating. As we live longer, the likelihood of us needing this care at some time in our lives increases.
According to government studies, nearly half of Missouri’s 65-year-old residents will require long term care.
Long-term care includes 24-hour nursing home, in-home care, hospice care and homemaker services. These services are not free and, contrary to popular belief, the government will take care of your long-term needs once you turn 65.
Federal Medicare does not cover long-term care. The small amount they pay is negligible if you have a long-term illness, injury, or suffer from Alzheimer’s disease or another permanently debilitating condition.
Missouri’s Medicaid program is slightly more expensive than the federal government’s. However, before you can access Missouri’s long-term care, you must first spend all your assets (making you indigent). Then, you must trust the state to make all your health care decisions including the type and amount of treatment you will receive, when and where you will be placed.
If none of these options sound like your ideal life, you have two choices: to not get sick or to be in a serious accident. You can also avoid getting Alzheimer’s disease or similar neurological impairments. Or you can purchase long-term care insurance while you still have the option.
You should look into long-term health insurance if you’re over 30. The monthly premiums for long-term policies are lower if you are younger than you will be when you take them out.
Get in the best possible shape. Stop smoking. Make a commitment to lose weight if you’re overweight. Being in good health will help you reduce your monthly long-term care premiums.
An Exclusion Period is a term used to describe long-term care policies. An Exclusion Period can also be called a deductible. This is the amount you will pay for long-term health care. The longer your Exclusion Period, the lower your monthly premiums.
Start comparing policies online to find the best deal on long-term care insurance in Missouri.
Remember that not all long-term care insurance comparison sites compare insurance from every company. It would be much easier to find the best deal if they did. Most websites only compare a few companies. If you want to find the best deal, you’ll need to do comparisons on multiple websites.
This will require extra effort and time to find the best discount policy. But, keep in mind that for every penny that you save today, you will be saving each month and year. That will make your job a lot easier.