Monday, July 03, 2006

Why Long Term Care Insurance?

Why did I create a blog about long term care insurance?

The answer is fairly simple, I graduated recently with a masters in health services administration and during that time period I learned a great deal about the impact that long term care can have on a persons life.

I learned that long term care facilities are extremely expensive, they can range up to $10,000 a month or more depending on the type of facility and the level of care received. I also learned that most elderly people who do not have long term care insurance are required to deplete their assets before being able to qualify for Medicaid.

Medicaid is the coverage that a person can receive in addition to Medicare if they meet the financial criteria. People who get both Medicaid and Medicare are considered to be "dual eligible".

The unfortunate truth is that long term care facilities are not all created equal. As my own parents age I have been thinking more and more about the type of long term facility that I would like to see them go to if the need ever arises.

Where I would "like" to see them go is to the more expensive facilities because the more expensive ones typically provide a higher quality of care. The main reason I say this is because the more expensive long term care centers are able to pay nursing staff what they deserve and are able to create and maintain a well qualified staff of caregivers.

Unfortunately, neither of my parents are listening to my suggestions that they take out long term care insurance.

Without long term care insurance, a person is quite limited in the choices of long term care facilities, unless he or she has a bundle of money in the bank. Long term care is expensive and long term care insurance can help you to get the care that you or your family members deserve when the times comes.

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