- First is the No-Plan plan. This is the plan that when it comes to needing long term care sends you and your loved ones into chaos. The No-Plan plan has no guarantees. Whatever happens happens and if you don't have enough money in the bank--then you can drop down to plan #3-the government plan.
- Second is the Family Plan. The family plan is when you designate a member of your family to take care of you when you can't take care of yourself. If you are on the Family Plan it is a wise choice to make sure the family member knows what is in store for your caregiving i.e. eating, dressing, bathing, toiling, transferring, continence.
- Third is the Government Plan. Medicaid is the disabled and those who are unable to pay for their own medical care. If you are on the No-Plan Plan and do not have money to pay for your long term care, then you will eventually be on the Government Plan. Take note that the government has a 5 year look back to keep people from hiding assets. With the government plan as well as the above plans, you lose your independence the moment you need long term care.
- Finally, the Long Term Care Insurance plan. This plan guarantees your independence. It frees your family from the burden of your care. We all know our family will take care of us, but is it really fair to expect them to? Long term care insurance kicks in when you can't take care of yourself and provides in-home, assisted living, day-care, and nursing home care if the need arises. This is the only plan that provides peace of mind for both yourself and your loved ones.
There is no risk greater than long term care. Having a plan makes sense.
No comments:
Post a Comment