Are you ready to retire and live in your golden years? Even though it may be a long way off and there are usually more important things to take care of, a few simple steps can make a big difference in how you or someone you care about handles some of the needs of old age.
Even though saving for a pension and having good health insurance are two of the most common things to do, there is also the possibility of getting long-term care insurance, which could be very helpful in some situations. This kind of insurance pays for help if you need it when you're old. Many people need help with daily tasks like eating, bathing, and getting dressed because they are old or sick mentally or physically. Many people can't handle just taking care of themselves, and if this is the case, they may want to look into assisted living or long-term care.
Long-term care insurance can help cover the costs of this kind of care. Do you think you could use this kind of care? Will you be able to afford it if you do? Long-term care can cost a lot and last for a long time. Many people couldn't pay for it without the right insurance. You might plan to use Medicare or your own private health insurance. But Medicare does not pay for this kind of treatment in a jail or prison. It's just too expensive, so you'll have to look for a different place to live. Long-term care costs so much that even private health insurance won't pay for it.
If you think you won't have enough money to pay for long-term care when you need it, you may be eligible for Medicaid. Medicaid helps pay for health care for people who are very poor. Long-term care is covered by Medicaid, which is a good thing. It is hard to get, though. You have to have the right amount of money, which is hard to make sure of. Medicaid rules can also change, so there's no guarantee that long-term care will be covered in the future just because it is now. If you have serious doubts about whether or not you can get Medicaid, you shouldn't count on it.
Long-term care can make a big difference in your quality of life and health as you get older, so if you think you might want it, the sooner you look into getting insurance for it, the better.
