Long Term Care

It might be hard to imagine now, but chances are you’ll need some help taking care of yourself later in life. The big question is: How will you pay for it? Buying long-term care insurance is one way to prepare. Long-term care refers to a host of services that aren’t covered by regular health insurance. This includes assistance with routine daily activities, like bathing, dressing or getting in and out of bed.

 

 

Long Term Care Defined

 

A long-term care insurance policy helps cover the costs of that care when you have a chronic medical condition, a disability or a disorder such as Alzheimer’s disease. Most policies will reimburse you for care given in a variety of places, such as:

  • Your home.

  • A nursing home.

  • An assisted living facility.

  • An adult day care center.

Considering long-term care costs is an important part of any long-range financial plan, especially in your 50s and beyond. Waiting until you need care to buy coverage isn’t an option. You won’t qualify for long-term care insurance if you already have a debilitating condition, and long-term care insurance carriers won’t approve most applicants over the age of 75. The majority of people with long-term care insurance buy it in their mid-50s to mid-60s.

  Cost of long-term care insurance

The rates you pay depend on a variety of things, including:

  • Your age and health: The older you are and the more health problems you have, the more you’ll pay when you buy a policy.

  • Gender: Women generally pay more than men because they live longer and have a greater chance of making long-term care insurance claims.

  • Marital status: Premiums are lower for married people than for single people.

  • Insurance company: Prices for the same amount of coverage will vary among insurance companies. That’s why it’s important to compare quotes from different carriers.

  • Amount of coverage: You’ll pay more for richer coverage, such as higher limits on the daily and lifetime benefits, cost-of-living adjustments to protect against inflation, shorter elimination periods, and fewer restrictions on the types of care covered.

Let us help you design the perfect plan for your long-term needs.

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