Long-term health care includes much more than just nursing home care for the elderly. Today's long-term care can refer to a wide variety of:
for people who, due to illness or disability, need special assistance with daily activities. One of the most common times that people use a convalescent nursing facility is when they need continued medical care and rehabilitation therapy during recuperation from an illness or injury after being discharged from the hospital.
The cost for a convalescent center stay ranges from $30,000 to $40,000 per year. Some experts predict that this number will reach $83,000 by the year 2010.
Medicare policies contain only a limited amount for Skilled Nursing Care and nothing for care that is considered Intermediate or Custodial.
Medicaid is a federal and state program that covers medical bills for the needy. If you qualify, it will pay for your long-term care expenses. In order to qualify for Medicaid, you will have to have essentially no assets.
What does long-term care insurance do for you? It can:
Generally speaking, there are three different types of policies. There are those that cover:
It is important to work with an experienced insurance professional when purchasing this type of insurance.
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