Need of Long Term Care Insurance-II
Oct 25th, 2007 by Kaushik Adhikary
Image via WikipediaFor years, opportunists and their promoters, have been manipulating the strict rules associated with administering Medicaid. Its unfortunate that though many of the manipulators can afford to pay for health care services, they still are pretending that they are penniless or destitute people and unethically taking the advantage of loop-holes in the system.
Medicaid Planning is simply generating enormous pressure on the national welfare system. Congress is rightly on its way to take steps to help alleviate this menace.
The Deficit Reduction Act of 2005 was came into existence on February,2006 by the President George W. Bush. This multi-tasked bill had sealed one of the biggest loopholes in Medicaid Planning and reinforced the fact that Medicaid is for the destitute.
This should be taken as a alert signal to the baby boomer who mistakenly believe their long term care costs will be subsidized and borne by the government. They need to guard themselves against the menace of long term health care, by taking a policy issued by a highly rated insurance company.
The costs associated with long term health care are rising faster than the costs of providing a college education. In some states, it costs over $300 per day to provide long term health care. A properly purchased good policy can offset much of this expense.
This is problem everyone has to face sometimes, but it is obvious that the biggest exposure to this long term care problem exists with the baby boomer. Only with adequate long term care planning can save millions of additional families financially.
Their assets will be wasted in order to pay for the cost of having lived too long in an environment of custodial care. The question becomes: “Which asset will you liquidate first?” if you don’t have adequate protection?
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Kaushik
