Posted by on Apr 18, 2016 in Elder Issues | 0 comments

As the numbers of seniors increase each year, many adult children are looking into other options of caring from their parents without spending too much. In the United States the cost of elder care can be considerably expensive, so in order to ensure that you will be able to find a good assisted living facility without having to cost you an arm and a leg, there is a way that SeniorAdvice.com suggest you can look into.

Consider long-term care insurance or LTCI. This type of insurance is effective in covering for costs that are not included in a private insurance plan. This can significantly lessen the impact of health care needs, and since majority of companies refuse insurance to people with preexistent health issues it is ideal to purchase one before any health problems begin. One way that a senior can get a long-term insurance care is by converting their life insurance policy to a long term benefit plan before the insurance plan expires or is surrendered. Any active life insurance policy that have a death benefit amounting between US$ 50,000 and US$ 1,000,000 is convertible to a long-term benefit plan that would immediately be open to cover for any senior care needs.

This particular financial alternative is great for seniors because it offers a number of benefits, namely immediate payment for health care needs, zero cost for application and no limitations on care, no premium fees, no waiting period, and no obligations to be terminally ill since all health conditions are recognized. Those who have LTCI are legally allowed to switch their in-force insurance policy in order to enroll for the benefit plan and will be eligible to order tax-exempt payments to pay for their housing and health care expenses.

The majority of Americans are not aware that their Medicare is not a comprehensive health care insurance for seniors over 65 years old and it will not be covering for the cost of their long-term care. Alternatives such as mentioned above is just among the ways that seniors can pay for their health care costs, especially if they are considering moving into an assisted living facility.

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