Need of Long Term Care Insurance-I
Oct 24th, 2007 by Kaushik Adhikary
Image by guano via FlickrThere’s been a lot of hot discussion going on for sometimes now in the media in almost everyday regarding the imminent explosion of baby boomer.The media has jumped on questioning the boomer’s ability to retire at a reasonable age with a comfortable lifestyle.
Another much popular health care program is Medicare and its enormous pressure evolved on the national economy as the boomer crowd reaches 65 years of age. This is the age when those who are eligible are automatically enrolled in Medicare.
Importantly, the boomer wane when compared with the problems inherent with long term health care plan. Its noteworthy that with faulty long term health care planning, baby boomer are practically in jeopardy of loosing their hard earned assets and money.
Scientifically, the most reliable data regarding the mortality rate of population is available with life insurance companies. In fact, the underwriting of life insurance policies is based on the principle of accurately identifying the probable age of death of various groups of individuals.
Based on modern population, we are living longer now due to advancement in medical technology. In practical, people live longer life who belongs to those over the age of 85. Unfortunately, the overage is coupled with an increased complexities and medical conditions among individuals that require long term health care.
Many people, even today believe that long term health care costs would be borne solely by Medicare . What a misconception! Medicare is designed primarily to help someone recover from an illness. Most people who require long term care have chronic conditions which severely limit their ability to recover.
Relying on Medicare entirely to pay for the cost of long term care is foolish thing. The only government assistance available to pay this cost is available in the Medicaid program, which is federally granted and state administered.
But Medicaid is only for the destitute or penniless people. It is a welfare plan intended for those who simply cannot pay the cost of receiving custodial supervision by themselves.
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To your healthy and secured life
Kaushik
