Between October 1st, 2013 and the end of March, 2014, U.S. citizens will be given the opportunity to obtain health care coverage through a number of new sources. Unfortunately, the Affordable Care Act does not address long-term care as a specific type of medical care.
As adults seek information to help them understand and prepare for their needs for health care and long-term care in Mississippi, they are finding no help within Obamacare. The new health care act puts an end to lifetime limits on coverage, but it fails to address the needs of those who need help long-term.
Further, Obamacare does nothing to ease the costs of long-term care. The HealthCare.gov site notes that Medicare and most health insurance plans do not pay for long-term care, although some state Medicaid programs can offer additional services to those who need long-term care at home.
How will you pay for long-term care costs?
The cost of long-term care can be staggering and it may involve both medical and mental health care needs. Many adults are worried about how they will manage to pay for their long-term health care needs. Here are some ideas to think about:
- Have you accumulated enough savings to pay for your long-term care? What about for your spouse?
- Would you, or your spouse, be willing to sell your home to pay for long-term care?
- Could your children help pay for long-term care expenses?
It’s important to note that Medicare and Medicaid include limited funds to help those who need long-term care.
Call The Nowell Agency Inc. at 601.992.4444 for more information about long-term care insurance or request a quote online.
How will you maintain control of your finances as you seek long-term care?
If you have to seek long-term care, how will you maintain control over your finances? Ultimately, it’s about trusting another person to manage your money while you cannot. Here are some points to consider:
- Is there someone you trust to take control of the finances? If that person is your spouse, it’s a good idea to have a backup in mind. If your long-term care is the result of a plane accident, for example, and your spouse is also injured, she or he may not be in a position to help.
- How important is it for you to know you planned in advance for your financial needs?
- Do you have a designated power of attorney to manage your finances?
Maintaining your finances is critical – especially for those who need long-term care for some amount of time, but not forever. You want to have as much of your hard-earned money left when you recover.
Who will make your long-term care decisions?
It’s not just about paying for your care – it’s also about who will make medical decisions for you in the event you are unable to make them yourself. Again, if your spouse is your initial decision-maker, it’s a good idea to designate a backup just in case they are equally disabled and in need of care as well. Think about:
- Is staying at home as long as possible important to you?
- Do you expect friends and relatives to manage some of your care?
- Do you consider living in an assisted living facility an option?
Thinking through the scenarios can be a lot easier with a guide and the long-term care insurance experts at The Nowell Agency can help. We work through these decisions with you and advise you on how to choose a long-term care insurance plan that will help you when (and if) you need it.
Consult your local team of insurance experts at The Nowell Agency Inc. and request a long-term care insurance quote online. Or call us at 601.992.4444 to discuss your insurance needs and the options available to you when choosing long-term care insurance in Mississippi.