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Is long term care insurance really needed?
My mum's planning to buy one (she's 55) because both her aunts were on nursing facilities before for dementia. She's still young and does not exhibit any signs of forgetfulness or other symptoms that is somehow related to dementia. I mean, is this logical? Buying an LTCI? Heeeeelp
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Maybe give some free advice about: What does it mean??
Of course. You can never be too sure especially if you and your mom, as you've said, has a family history of dementia. You may want to take care of your mom when this unfortunate time happens but such illnesses can suck the life out of you. I can suggest Complete Long Term Care. Just visit their website at www.completelongtermcare.com and you're good to go.
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Having long term care insurance is not a bad idea; it certainly cannot hurt her. Having been a member of a Fire Department Rescue Squad I have seen my share of Nursing Homes.
While Medicaid and Medicare will provide nursing home care you first must exhaust all of the patients assets. This includes selling their home and using the equity to pay for the nursing care.
From what I have seen I would not want to put my relative in a Medicaid or Medicare bed in a nursing home if I could afford not to. So someone without long term care insurance who outlives their personal assets could become a burden on the children's financial abilities as well.
I have also seen children put a parent or parents in to assisted living facilities then rely on services such as Rescue Squads to pick up the slack in care that these facilities do not provide.
This does not happen for long. Frequent fliers as they are called are reported to the appropriate public service agency for intervention. 911 services are for emergency care. We cannot be tied up caring for someone that should be in a higher level of care facility. If we are tied up caring for this person, then a person with a true emergency could die because we are not available and a Squad a distance away has to cover the call.
Yes there are some good nursing homes out there that provide excellent care regardless of whether the patient is full paid or on Medicaid or Medicare. The problem is they are few and far between.
You mom may be in good health today and hopefully remains that way. For now instead of calling it long term care insurance. Call it peace of mind insurance for that is what it is for your mom at the moment. Peace of mind insurance that she won't become a burden on you and your family in the future.
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