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Long Term Health Care - Making Financial Plans Now

Updated on October 15, 2011

Planning for Health Care Needs

Financial planning for future health care needs is extremely important because it is not a matter of if, but of when. The realities of life cause the need to look at things we may rather not, but it is a wise person that does so. So whether you are looking ahead for your own health care needs, or that of your parents there are some good things to keep in mind. Some people are concerned for caring long term for a special needs child, and so that would fit into this topic as well.

Many people need long term health care and this is the case now more than ever perhaps. People are living longer, thanks to the strides made in medicine and science. Our communities world over are often scrambling to keep up with this new and welcomed reality by many. People just didn't have to plan as much before for the life expectancies weren't as high.

Part of what makes it complicated is that the details are unpredictable, and the costs are so high. So this is in a whole category of its own, compared to costs of buying a home, or college tuition, etc. You or your loved ones may not end up needing any care at all, or if they do you won't know when that is going to be. You also don't know for how long. The escalation in health care costs make it tougher than ever. Thus, the need to plan ahead and finding out what all the family members think that are involved.

Employers and Government

The roles of one's employer and the government add some unique things into the mix as well. There is both employer sponsored insurances and government that may play a role but are hard to predict exactly. If they play a direct role in truly covering your health care needs, then that is wonderful.

Whatever you do, don't give up because of the challenges, just know where to start planning.


Medicare, the federal government sponsored health insurance for people over 65 years old is a big help to many people. If you are eligible for Social Security, then you are eligible for Medicare if you are over 65. Coverage on medicare is not a family coverage, but an individual coverage. People that have spouses that are younger than 65 can have coverage for them, but not for the spouse. Once they reach 65 then that can change.

Long Term Care Insurance

Long Term Care Insurance provides coverage for people with chronic illnesses and long term disability that isn't covered by Medicare. This type of insurance often pays for nursing home care, and also for certain agency services. Some of these services may be visiting nurses, respite care, and home health aides. It can also help with those that are terminally ill and also help their families.

Find out first what coverage you currently have. Consider also looking into disability insurances, catastrophic illness insurance. They may be something that can help your family. Many experts agree that you don't really need an indemnity plan. There are a lot of small details than when you actually weigh out everything, don't end up being that helpful.

Never be afraid to ask as many questions as you like. If you get non helpful answers or unhelpful people, then don't stop there. Asking friends and family members what they use can really open up avenues you may not have thought of. Doctors can be a great resource even. Just a one minute conversation with a person can give you an idea to look into more. This could save you a lot of money and worry.


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    • oceansnsunsets profile image

      Paula 6 years ago from The Midwest, USA

      Thank you very much! I really appreciate that.

    • PhoenixV profile image

      PhoenixV 6 years ago from USA

      Good advice and I love that photo, voted up!