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Why You Should Purchase Long-term Health Insurance Early
There are several reasons to make the decision to purchase Long-Term Health Insurance and choosing to make this decision early rather than waiting is one of the best choices that you and your family could ever make.
Many people assume that Medicaid will cover their Long-Term Care expenses, but for millions of people, this is simply not true. In order to qualify for Medicaid, you must get down to the maximum of 2000.00 of liquid assets. Many people try the "Spending Down" approach but giving away or selling qualifying assets within five years of applying for Medicaid counts toward that $2000.00 maximum limit.
Long-Term Health Insurance can protect your assets as well as alleviating a looming financial burden on your family members. Medicaid can pay for some of your expenses when your assets are depleted but once your assets are depleted, there is little room for added care. Your choices in the quality of your care are also limited when you are on Medicaid and without Long-Term Health Insurance.
It is also important that you purchase Long-Term Health Insurance prior to being diagnosed with a potentially long-term illness in order to qualify. In order for insurance companies to keep their prices affordable, they must have underwriting standards or most people would not purchase insurance until they absolutely had to, increasing costs for all users.
Furthermore, it is predicted that state budgets for Medicaid costs will nearly double by 2030 while the costs for Long-Term Care will nearly triple. The resulting cost per state is predicted to be unsustainable requiring changes to Medicaid that could affect overall costs and level of care to each Medicaid qualifying individual. The protection that Long-Term Health Insurance can provide could be invaluable to you and your family in many significant ways.