As the population ages, with baby boomers entering old age at a rate of 11,000 each day, the need to save money and obtain discount long-term healthcare in Nevada has never been greater.
According to government figures, just over half of all Nevadans who have lived over the age of 65 will need some form of long-term care at some point in their lives. Depending on how long such care is needed and how extensive the care is required, the cost of such care can be devastating for the average person.
Many Nevadans mistakenly believe that all of their long-term health care needs will be taken care of by the state or federal government once they reach the magical age of 65. This is not really true.
The federal Medicare program has almost no provision for long-term care support, and while Nevada’s state-administered Medicaid program does have a provision for limited long-term care benefits, eligibility for such help they require the beneficiary to have exhausted all of their own resources first, and even then the choice of facilities and types of care offered are limited and may not be adequate or the best available.
A better alternative is to buy long-term private health insurance. And the sooner you buy it the better. Why? Because premiums increase with age, the younger you are (40 is now the recommended age), when you take out your long-term policy, the lower your premiums will be.
Before you go online and start researching and comparing the costs of long-term care from a variety of different providers, it helps to arm yourself with some basic assumptions.
First, what type of long-term care are you looking for and how many benefit dollars you anticipate needing. It makes a difference in the cost of your long-term health insurance, whether you anticipate the need for 24-hour nursing home care, or need weekly or daily help at home with your living needs. such as dressing and bathing. , prepare meals, etc.
You will also have to choose the total dollar amount of the care you will receive. Some policies put a cap on the total dollar amount they will pay over the life of the policy; others put a cap on monthly or even weekly payments.
If there’s a history of Parkinson’s or Alzheimer’s disease in your family, or cancer or any other disease that can leave you debilitated for years, consider that when choosing your policy.
Your elimination period will be a major factor in the cost of your long-term care. An Elimination Period is simply insurance jargon for your deductible; in other words, how much of your own money you are willing to spend on long-term care before the insurance policy takes over. The longer your Elimination Period, the lower your premiums. .
Long-term health care is not something most people choose to think about, but it is an unfortunate fact of life for many thousands of Nevadans, but by doing your homework and comparing policies and prices online, it is possible to save money and get discounts. long-term care in Nevada.