Considering Long Term Care Insurance


Long-Term Care Insurance is still fairly new on the market and a
lot of people don’t know that it even exists or what it covers.
Even those who have heard the term don’t know always when benefits
are paid, how they are designed, and who qualifies or needs
coverage. Many people don’t think about this type of coverage until
it is too late to get a great rate and higher benefits. They wait
till they are past retirement age and closer to needing to cash in
the benefits instead of investing earlier and maximizing your
options. It is becoming more of a common practice for people to
start thinking about what will happen 30, 50, or more years ahead.
Many people invest in 401Ks, IRAs, stocks and bond, and other types
of investments to prepare for the future. Many people think this
will pay for living expenses and leisure activities once retired.
Things don’t always go according as planned.

What happens in the unfortunate incidence of an accident and you
need help with your daily living activities? Or, you get to a point
in your elder years that you require home care, as you grow older?
You may decide you would rather live in you home for a long as
possible and would need to have enough for personal home care. Some
seniors enjoy assisting living facilities that provide 24 hour
nursing care, but still let you be as independent as you can. There
are also those unfortunate instances where nursing home facilities
are need to tend to varying degrees of illness. Long-term care is
designed to provide you help with these services due to a long-term
illness or disability. The average cost of these types of care can
cost around $40-$100 thousand per year and sometimes more. It is a
very quick way to eat your saving and social security benefits. If
you think Medicaid or Medicare will help, think again. Even if and
when you qualify, your saving is now gone and they will only pay up
to 50% of the cost, someone has to come up with the rest. Long-Term
Care insurance can help with these costs in the unfortunate event
you require nursing care.

Who should consider Long Term Care Insurance? If you think you will
not qualify for Medicaid or full Medicare benefits due to a large
saving, assets, or high income, this is a program for you. You do
not want to end up having your children to pay for these expenses
while you have to have them and possibly well after your death. It
will keep you able to leave your loved ones a little something
instead of sucking all your assets dry. Also if you can afford to
pay the premiums you will likely not qualify for assistance so
would truly benefit. If you currently have chronic health issues or
have a family history of a long-term illness you would be off
purchasing now than waiting. It will be too late to get a policy
after you have already developed a long-term illness or disability.
If you think at any point you might fall into any of the categories
you might want to consider getting a plan earlier to be safe and
covered. You can purchase a policy from most large insurance
companies. As always, every state has different insurance
regulations, therefore it is best to check with your state on
specific determining factors and qualifications.

This coverage will help provide nursing-home care, home-health
care, personal or adult day care usually for individuals above the
age of 65 or with a chronic or disabling condition that needs
constant supervision. LTC insurance offers more flexibility and
options than many public assistance programs. Long-term care is
usually very expensive, which is why most people need insurance.
For example, on average, nursing facilities providing skilled care
charge $150 to $300 per day, or over $80,000 a year or more. Even
custodial home care at three visits per week, can cost over $9,000
a year. Most LTC insurance policies will cover only a specific
dollar amount for each day you spend in a nursing facility or for
each home-care visit. Thus, when considering an LTC insurance
policy, read the policies carefully and compare the benefits to
determine which policy will best meet your own needs.
Find out more about Considering Long Term Care Insurance

DISCLAIMER: This information is for educational and informational
purposes only. The content is not intended to be a substitute for
professional advice. Always seek the advice of a licensed Insurance
Agent or Broker with any questions you may have regarding any
Insurance Matter.

One Response to Considering Long Term Care Insurance

  1. longtermcareinsurancepros says:

    Great article. It is so important to have a plan in place well before a long-term care event occurs. Purchasing a policy that will help supplement your savings is wise if it helps keep your premiums lower. It is important when putting your plan in place to consult a Long-Term Care Specialist, one that represents all the top carriers and shows no bias toward any one carrier. Look for someone who has additional education and training in long-term care financing and planning (LTCP, CLTC). A great source of online information is found at

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