As we get older, we begin to make plans for the golden years of our lives. This is the time when we begin to review life insurance policies and to consider wills and advance directives to ensure that our loved ones will be taken care of in the event of our deaths. One thing that few seniors plan for, however, is the potential for needing long term care. This includes both at home and nursing care. While Medicare and Medicaid both typically cover necessary (skilled) long term care, when we need long term care to help with the routine of daily living, most seniors find themselves without coverage.
It is remarkably easy to assume that you will not need long term care or to say that you will never allow yourself to be placed in a nursing home, but the simple truth is that a large amount of seniors need long term care at some point in their lives. Even when this is not permanent, the financial ramifications can be serious and can even be enough that the government seizes your assets in order to pay for care.
The best way to prepare for long term care is to find a policy or policy supplement that covers this service. Long term care is a common need for people in all age brackets, and the chance of needing the service rises as we get older. If your policy does not cover this service, a supplement is highly recommended. If you are unsure whether you are covered, it is important to speak with your policy provider and find out whether you are covered for both skilled and unskilled long term care. When your health, well-being, and assets are on the line, it is important to know for certain whether you are covered.
