Long Term Care Policies

On the first glance, the long term care policies that insurance firms provide seems perfect, as they help the individuals pay the expensive costs when they are in need of daily care of a nurse. This is due to the fact that when a person can’t take care of himself, and his daily needs can’t be met by his friends and relatives, bills will start to pile up. Another option is joining a nursing home center, which can become very costly and expensive, and there is no estimation on the amount of time that you will stay there, as it might be forever. This is why it seems that purchasing a long term care policy form insurance company seems to be the best way to satisfy your needs in the future when you are no longer able to satisfy your daily need.

On the other hand, analysts and experts in this field have stated that insurance companies use devious tactics and exploit the fear within the people to sell their policies. While in fact, these policies are not the magical solution for this kind of problem as people think. This is due to the fact that these kinds of insurance policies are in fact not vital and they cost the insurers way more than the things and benefits that they get in return. They add that people would get more and pay less if they self-insure or depend on the programs that is offered and funded by the govt.

Responding to such allegations, a professor at George Mason University, Mark Meiners begs to differ. He said that saying that is basically hoping for the best, which isn’t always going to happen. He said that people have to be ready and embrace the fact that there is a big possibility that they would in fact need long-term care when they grow older. It is something that has to be planned with care. He backed his allegations by saying that people who are older than 65 years don’t have good odds when it comes to health. According to studies, seventy percent of people who are older than 65 years end up needing long term care. Long term care usually costs about 200 to 250 dollars per day, so in a matter of months, the life savings will vanish.

The reason that a lot of people don’t consider purchasing long term insurance is that they have many misconceptions about Medicare. Some people think and believe that long term care is covered by Medicare, but the truth it, it isn’t covered. On the other hand, Medicaid covers for long term care, but it is a service for the poor. Plus, a lot of states are cutting back on it, so you are not guaranteed to get a good quality care service.