Long Term Care Policies

Written by Tara Peris
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Long-term care policies can help to ease the financial burden that comes with extended medical care. However, the world of health insurance can be intimidating and overwhelming for those who do not do their homework. Take a moment to think about your medical and financial needs, and to determine whether this form of insurance makes sense for you and your family.

In order to determine whether long-term care insurance is right for you, it helps to begin by taking stock of your assets. Many seniors opt to disperse their assets to family members as they reach their golden years so as to qualify for Medicaid. This in turn allows the government to foot the bill, provided you can find a care facility that takes Medicaid.

Choosing Your Policy

Many people find that their estates are too complex to spend down easily or that the gamble with Medicaid is simply not worth it. If you're in this camp, it makes sense to begin by asking your family physician for a list of recommended extended care facilities. You can then schedule appointments with their administrators and arrange to learn more about what types of insurance they accept.

As you speak to different facility administrators, you'll learn about the average annual costs of living in a retirement home and about the insurance companies that have the best reputations. You should then compare the offerings at local nursing homes to alternative forms of assisted living and be prepared to discuss both alternatives with prospective insurance agents. As always, be sure to shop around and get multiple quotes as rates and coverage vary considerably across different providers.

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