Long Term Care Insurance – Avoid Foreclosure
March 7th, 2010
In the capacity of this article writer’s job as an ADA (Americans with Disabilities Act) Social Worker, many clients with serious health problems are encountered. The reality is: becoming disabled is a part of life. In essence, people become disabled and spend life-time savings on medical care. Due to this big medical expense, a family can end up at the local welfare office with a home in foreclosure. This article author is hoping that people become proactive about obtaining medical coverage. Not enough education about the benefits of Long Term Care (LTC) insurance is making its way to the general population. This is the critical extra piece to your health insurance coverage. For those that have regular medical coverage, check your current plan, and see if LTC coverage is part of the plan. Many are surprised to find out that they have no Long Term Care coverage. Hospitals are great for emergencies, but what happens when a patient is discharged? Long Term Care is the assistance needed over an extended period of time to manage, rather than cure, a chronic condition, such as, arthritis, stroke, dementia, or the frailties of aging or accidents. A caregiver is used to help with activities of daily living (ADL’s) such as: transferring, toileting, feeding, bathing, and maintaining continence throughout the day.
The Partnership for Long Term Care is a national initiative devised to combine public and private insurance. The partnerships connect Long Term Care insurance with Medicaid. We are hearing a lot on the news about the housing crisis, and continue reading numerous articles about the subject in the newspaper. Throughout the country, the property values are dropping. The whole sub-prime mortgage mess is one serious matter, but why don’t people discuss those that lose housing due to unforeseen medical reasons? The fact is: families are losing homes to foreclosure. Remember, under new federal law, the home is no longer automatically considered an exempt asset. Couples, who run out of liquid assets, would be forced to sell their home to pay for Long Term Care. Under the Partnership initiative, those with long-term health insurance policies invariably avoid foreclosure. That is the key really. Think about it. Most people need care at some point in their life, but when? How much help will we need a day? Will we need a caregiver for a month, for years? People buy homeowner’s insurance to protect against fire. They buy auto insurance to protect against accidents. What about taking the necessary steps to protect your home against the consequences of your health? Make an educated and informed decision about the valuable issues of LTC, which quite frankly, is a topic that is not being discussed nearly enough.
Bob Guarino created a Squidoo lens.
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Fred Weaver is a founding co-owner of Group 46:10. He has been working in the financing/real estate business for over 7 years. Fred began his real estate career by working for a large wholesale bank as a processor and rate/lock specialist for home mortgages. After 2 years in the business, Fred transferred from the banking side of home loans to the mortgage side. While on the mortgage side of financing, Fred gained experience originating mortgages and processing files for Morgan Capital of Arizona, Inc.
Kevin is a founding co-owner of Group 46:10. He began working in the real estate business in 2007 after spending 8 years working in the finance industry for companies such as Bank One, Green Tree Financial, & GE Capital.