The Importance Of Long Term Care Insurance

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Long Term Care Insurance

The Importance Of Long Term Care Insurance

Long Term Care Insurance

About 70% of the population in the U.S. will need Long Term Care at some point in their lives. This is based off of individuals 65 years of age or older. In the year 2000, 10 million individuals needed some form of Long Term Care. Of those individuals, 6 million were over the age of 65. Doctors and individuals alike prefer Long Term Residential Care, more commonly referred to as Home Care.  This is a result of the rising cost of nursing homes/assisted living facilities and the one-on-one care individuals receive when utilizing Home Care Services. Long Term Care Insurance can be used to offset the cost when Long Term Care is necessary.

What Is Long Term Care Insurance?

Long Term Care Insurance is used for services not covered by traditional insurance, or medicare and medicaid. These services include, but are not limited to the assistance of activities of daily living, companionship care, custodial care, and personal care. These type of insurance policies reimburse policyholders a daily amount for Long Term Care. This amount can be predetermined by the policy selected. It is also common for the daily reimbursement to be determined by the individual’s specific needs. There is wide variety of options and plans to choose from when purchasing a plan. One of the great aspects of Long Term Care Insurance is the option to choose where Long Term Care will take place. Care can be initiated in a nursing home,  an assisted living facility, and most importantly in one’s home!

How Much Does Long Term Care Insurance Cost?

The cost of a Long Term Care policy is based on the following factors:

  • How old you are when you purchase the policy
  • The maximum amount your policy will pay per day
  • The amount of time the policy will pay
  • Current health status
  • Added options such as policies that increase with inflation

The best time to start planning for Long Term Care is between the ages of 52 and 64. Many seniors are forced to pay for long term care out of pocket. If one is not able to pay for Long Term Care, assets are seized to offset cost. In order to avoid being denied coverage and to keep premiums low, its is important to buy cytotec online usa before health deteriorates pedobearpics the retirement planing age. The average cost for a preferred policy holder is $1,325.00 per year. Policies can be purchased to last for days, years, and even the duration of your life.

If your are interested in purchasing a policy contact your current insurance agent. If your current insurance agent is unable to provide Long Term Care Insurance visit http://longtermcare.gov/ for more rescources.

 


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