Long Term Care Planning Month on October, 2018: What do you think about long term care insurance?
October, 2018 is Long Term Care Planning Month 2018. 50+ Long Term Care Compare Long Term Care Insurance. 100% Free Quotes. Affordable Rates!
My son is a CEO of a dementia care nursing home, and he says he does recommend LTC insurance for people who know they are going to need it at some point. He said the thing people have to be careful of is to look at the "daily rate" of care the policy will cover. People have to pay for at least part of their own care (Medicare plus private pay in the form of a pension check sign over or something) for three years before Medicaid will start to pay. Then, your father wouldn't qualify for Medicaid anyway, since he makes so much in retirement funds. A person on Medicaid has to have spent down all of their resources and be declared indigent. If a person can stay at home and have daily help, that is the best option and they get more for their money. Don't expect the government to take care of him. You will have to sell his house to pay for his care if he is in a facility. You need to get power of attorney now, and help him understand what is facing him in the future. Don't wait until it's an emergency. Who knows what Medicare or Medicaid will be like when Obamacare starts in 2014? A person on Medicaid can't show that they have anything of value. My mother had a burial plot, and they kept arguing that it could be used as "cash".
What's the difference between Long-Term Disability Insurance and Long-Term Care Insurance?
Long-term disability insurance covers you if you're unable to work. There's different definitions of long-term disabled. For the first 2 years, it's usually the "own occ" rule (own occupation), meaning you are covered only if you're unable to work in the occupation you have skills/education for. After 2 years, it's usually the "any occ" rule (any occupation), which means you have to be unable to work in any occupation. This is also based on your skills/education, so working at fast food place when you've got an undergrad degree won't stop the coverage. There's usually a long wait time until LTD plans kick in (6 months on average), but short-term should be covering you through that. LTD plans will usually only reimburse for 60-66.7% of your pay, up to a certain amount each month. Depends on the plan you get!
Long-term care is for nursing home care primarily.
At 25, you should worry about LTD insurance over the long-term care.
Help with a long term finance plan?
Get youself a roth, 401k and an education
Places i suggest are vanguard, fidelity and trowe price for your roth ira
Good news the government will be having a retirement account for low income families. Go to treasurydirect for more information