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Long Term Care Insurance. Health
Insurance That Protects Your Life
Savings. Many American's are under the impression that either Medicare or Medicaid will pay for their future Long Term Care expenses. The truth is that Medicare does not pay for Long Term Care expenses and in order to qualify for Medicaid, the Government requires you to liquidate nearly all of your assets (5 years BEFORE you need Medicaid). In the past, many Americans have participated in what is known as 'Medicaid Planning' which consists of spending down all of your assets 5 years before you attempt to qualify for Medicaid. This practice, often frowned upon, has led to National spending on Medicaid more than quintupling over the past two decades. Now, about 16 percent of the entire U.S population is enrolled on Medicaid. This had led to bankrupting many Medicaid programs, like California's Medicaid program and Illinois' Medicaid program and so many other States. In fact, Illinois is now selling their debt to cover hundreds of millions of dollars in back Medicaid payments due to hospitals and physicians. Even New York is now forced to cut billions in Medicaid spending. Adding to this problem is the President's new health care law, according to Medicare's Chief Actuary, the law will add 16 million more people on to our Medicaid rolls beginning in 2014. Many economists are growing more concerned about our nation's low income senior citizens due in part, to two recent studies completed by the American Academy of Cardiology and the University of Virginia. These two studies found that Medicaid surgical patients are 13% more likely to die than those with no insurance and 97% more likely to die than those with private health insurance. These findings were due in large part to the low quality of care patients receive on Medicaid with little to no follow up care.
Facing
millions of aging Baby Boomers, Bankrupt
State Medicaid programs
and 19
million more Americans being added to
Medicaid in the next few years.
The insurance
industry has designed unique products to
handle this pending crisis. One of the
most affordable and flexible products is
a Long Term Care policy. Most especially
when you purchase the policy during your
50's. To help consumers better
understand Long Term Care Insurance, The NAIC (National Association of
Insurance Commissioners) released
a detailed "Long
Term Care Buyers Guide". This
is a must read for anyone considering
Long Term Care Insurance. In addition to
the NAIC, many financial firms have also
started outlining what to look for in a
Long Term Care policy. Bloomberg breaks
down key benefits you need to look
for when considering Long Term Care
insurance: CNN Money Magazine also broke down what to look for in a Long Term Care policy and how much you should spend on one in their "Ultimate Guide to Retirement".
Whilst there
are many companies that offer Long Term
Care insurance we recommend
Mutual of Omaha
insurance company. This
Power Point
presentation explains why
Mutual of Omaha should be the company
for your Long Term Care insurance needs.
Their most flexible and best priced
product is called the "Mutual Care Plus"
plan. Click below to view the brochure:
How much does
it cost for Long Term Medical Care in
your State? Mutual of Omaha has broken
it down by State.
Please also
Contact Us
if you are interested in quotes and
details from another carrier's Long Term
Care products. |
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