You Really Do Need To Think About Extended Care Insurance …

Extended care insurance is sometimes called "long term care" insurance. Both terms refer to insurance intended to cover the expenses incurred when a person must reside in a nursing home facility whether that need arises from old age or from accident or injury.

Sadly, many people today think that Medicare covers long-term care or extended care. It does not. Medicare pays for a TEMPORARY need for extended care. The time at the present is limited to 60 days. After 60 days, the responsibility for cost of extended care reverts to the patient.

There are lots of reasons why people might need the protection offered by an extended care insurance policy. Sometimes people could easily stay in their own homes if they could get help with personal hygiene requirements and meals. Medicare does not cover all of these expenses. With Part B of Medicare, people can qualify for some in-home care temporarily.

Medicaid will cover the cost of extended care but Medicaid is a federal program that is designed for people who do not have the financial means to care for themselves. Medicaid is not for everybody, and most Americans do not qualify for benefits under the Medicaid program.

Long-term or extended care insurance policies are not cheap, but the premiums are far less than the total cost of extended care. Also, the earlier in life an extended care insurance policy is obtained, the lower the insurance premiums will be.

Basically, the choices are either pay some every month starting now to provide protection or pay a whole lot more later for the extended care. More and more Americans are realizing the financial advantage and the asset protection provided by an extended care or long-term care insurance policy.

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