You came here because of the title huh? Same thing what happened to me. I was googling something random when I came across acsia.com where they posted this link http://nymag.com/news/features/parent-h … re-2012-5/ from New York Magazine titled "Mom, I Love You. I Also Wish You Were Dead." Believe me, the article is not very misleading. It tells about the agony and misery of a son about his mom, severely sick. Published two years ago, I wonder what was I doing back then to not notice this article...
So many children are caretakers to severely elderly parents. Many such parents did not and/or could not believe that they will be infirmed when they become old. Some even maintained that they would be healthy. Many people did not think about and/or save for long-term care because they believed that it would be unnecessary. There are those who believed that they would die before they would become too infirm.
However, with long lifespans, there are more people over 80 than ever before. With increased and advanced age, there will be a higher incidence of age-related issues suh as infirmity and alzheimers and its relation, dementia. Studies have shown that a higher percentage of people over the age of 80 has dementia or alzheimers. This is why it is important to have some type of long-term care insurance in order not to bankrupt other family members if one required long-term care either at home or in a nursing facility.
I know that Long Term Insurance is great, but it is very expensive and goes up with age. If a parent has little means to pay for it, it could take all of a parents' extra money to pay for the yearly premium. Also, it is usually only good for two years. What if a loved one is sick longer than two years?
If someone goes into a nursing home situation for a limited time for rehab from a broken hip, for example, the payments are suspended for that time, but when they return home the payments begin again.
Also, depending on the insurance they take out, the entire monthly bill of a care facility may not be covered.
Medicaid will cover costs when money runs out, if you can find a medicaid bed available. Not all facilities have beds for medicaid patients.
Taking care of family members may be a problem for you or someone in your family. I guess this at least opens the conversation.
I think having some form of financial protection for long-term care is better than having none at all. Premiums for long-term care insurance may be expensive, but the trick is to find a policy that you can afford. You can do this by requesting quotes online. There are also hybrid plans now that combine life insurance and long-term care riders and partnership plans that help you protect your assets against Medicaid if you ever use up your LTC policy benefits.
Like you mentioned, not all facilities have beds for Medicaid patients, so we shouldn't just rely on the limited government help. I hope people start making plans now while they are still healthy and young.
by Maria Castor Handley 4 years ago
"Why long-term care insurance has yet to catch on"What;s your take on this? That the long term care insurance industry is the most ignored insurance body there is. I think that the writer made his ideas clear and well yet people think that LTC is nothing but a...
by Karen Lorenzo 4 years ago
One of the many valid reasons why most Americans disregard the idea of buying long-term care insurance is to avoid the mess of financial trouble once it started wrapping itself to you/them. And they have every reason to be to do this. Once you are glued to long-term care insurance, it is actually...
by motown p 7 years ago
How much of my health insurance premium can i claim as a medical deductionI have deductions coming out of my pension check for medical & dental. I pay medicare premium each month out of my social security check. May I claim any of this as a medical deduction on my federal taxes.
by Maria Castor Handley 4 years ago
I need help for my insuranceHi. I need some advice about getting a long term care insurance for my mom. She's currently 52 and I talked her into this a couple of months ago when her friend got a heart attack. I also talked to an agent about us, my mom and me, sharing her premiums so she can finish...
by Shannon Henry 5 years ago
I am in the process of writing a novel about the way Alzheimer's affects the entire family and not just the patient. However, many responses I have received in from those trying to assist are from people such as grandchildren of the patient. I would appreciate hearing stories from...
by Susan Reid 4 years ago
If you are insured through your employer, the answer is no. If you are an individual or small business owner, please share your thoughts.Did you know there will be online health care insurance marketplaces (exchanges) in every state?Is your state running its own exchange ... ...or is it...
Copyright © 2018 HubPages Inc. and respective owners. Other product and company names shown may be trademarks of their respective owners. HubPages® is a registered Service Mark of HubPages, Inc. HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.
|HubPages Device ID||This is used to identify particular browsers or devices when the access the service, and is used for security reasons.|
|Login||This is necessary to sign in to the HubPages Service.|
|HubPages Traffic Pixel||This is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.|
|Remarketing Pixels||We may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.|
|Conversion Tracking Pixels||We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.|