Everyone should know all the details before they make a decision on there long term health care, this is why I would like to tell you that what is the difference between long term care insurance and Medicaid. This way you will know which the best option for your circumstances is.
If you are suffering from an illness that means you need care that you or your family are unable or incapable to provide then long term care insurance will be a choice you should think about. This is because you will not have to worry about other people having to take on the bill should you become ill and also know that you will not have to worry about your family not inheriting what you choose to leave behind for them.
If you are suffering from an illness that will last a long time then you or suffering family member may not want to go into a home which mean that if you want the best of both worlds you will be able to get such care in your own home. The say care help will come and make sure that you have everything you need as well as administer any medication that you may need.
Some people wish to stay in their home but also want to get out and about, as well as giving any other family members a break from caring for them. A good option for this is to have day care, which means you will be taken to a day care clinic every day, where they will look after you, make sure you are fed and looked after as well as finding activities around your needs.
Anyone who is in need of 24 hour care, may want to go into a residential home, this could prove costly if you did not have the long term care insurance to take care of it for you and your family could end up footing the bill if they have savings. This will mean that you do not need to worry about any evening care you may need as there are trained medical staff on all the time to meet the needs of anyone who requires it.
Most people at some point in their lives, 50% in fact will need some kind of long term care. You may not wish to be a burden on family members and even if they are willing to help it is not always the best option if there is medical intervention needed that they cannot do themselves. Also one other thing you need to know is that Medicaid will not fund long term healthcare, and anything they do give you will be taken back once you no longer require the care or pass away, they can also sell your home to recover costs if need be or get it from family members.
If you are unable to financially cover the care that you or a family member need then the government offers a scheme called Medicaid. They do only give limited help which is why if possible long term care insurance is the better option.
If you wish to have help at home this is something that is not usually covered by Medicaid so they will be more likely to insist you go into residential care, however the homes which the Medicaid covers are limited so you will not have a massive choice of them as you would if you were insured.
The help Medicaid give, if any at all is mainly dependent on the amount of money you have in savings, and also the savings of your partner. The usual amount of savings you cannot exceed to be eligible for care is $2000. It has been known for people to give money away to others to be able to get the care they need without having to pay for it, however the government have become aware of this and will check into your financial in-goings and outgoings before you are allowed the help and if is found that you have been dishonest you could be fined for fraud.
Before making your choice you will need to think about the good and bad points to both ways of funding your long term care, as you will never know no matter how healthy you are now what could happen in the future. You will have the peace of mind that your family will not have to pay the care you have received and know that your assets will go to whom it is you wish them to not to the government.
Check us out if you need information about how long term care insurance information, ask questions and request a long term care insurance quote. We represent most of the top long term health insurance companies. This gives you excellent choices.