Everything You Need to Know About Long Term Care Insurance

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Long term care insurance is insurance specifically created to cover long term care services, which often isn’t covered by Medicare or other health insurance, explains the U.S. Department of Health and Human Services. Long term care services are usually provided by facilities like nursing homes or any type of community residential setting designed to assist those requiring help with overall care. You might want to consider purchasing long term care insurance if you’re of advanced age and your health is declining. 

You never know when you might need assistance with things you’re so used to doing yourself, especially if you undergo major surgery or are involved in a serious accident. Long term care insurance will give you peace of mind that you’ll receive the care that you need in these situations. Due to the variations in the types of long term care insurance available, many people looking into such insurance become confused. If you are in the market for long term insurance, whether for yourself or a relative, this guide may be able to assist you in making the best decisions so you can get the most for your money. Considering all this, choosing specialist insurance is a really good way with which you can secure yourself and your loved ones financially. However, it is really important that you choose your insurance policy carefully. Here are some tips that will help you in choosing the right insurance policy according to your needs. 

How To Choose The Best Long Term Care Insurance

When choosing long term care insurance, it is very important to understand exactly what the policies you’re considering actually include. You want to steer clear of plans that require that you be hospitalized prior to receiving long term care because you or your loved one may not necessarily be acutely ill and require hospitalization, but only require assistance with care. There are also plans that increase their rates each year and you might be better off choosing a plan with locked-in rates. You may want to request the assistance of an advisor when deciding which long term care policy to choose since the advisor will be aware of the absolute best policy for your particular needs.

How Much Will Long Term Care Insurance Cost?

Just like the types of long term care insurance varies greatly, so do premiums. If you have relatives and good friends willing to assist you with long term care, you may not have to worry about paying for actual insurance, although it’s always a good idea. According to AARP, over 60 % of adults over the age of 65 require long term care to a certain extent. This doesn’t necessarily mean that everyone requiring long term care will require 24-hour assistance, and it could be as little as a few hours a day a couple of times a week. If you only require a couple of hours assistance from a home health aide to give you medications and transport you to appointments, etc., you may only have to pay about $38 a day or $19 per hour. On the other hand, if you need an actual room in a nursing home or assisted living community, your care will cost $2,968 to as much as $6,266 a month. Of course, most people won’t be required to pay these fees out-of-pocket, and there are agencies available to assist with some or all of these costs. These agencies include Medicare, Medicare, private non-profit organizations and more.

Although understanding all the details about long term care insurance can be confusing, there is no reason to avoid looking into purchasing some if you feel you may need it in the future. If you’re a healthy man or woman in your 20s or 30s, of course, long term care insurance isn’t something that you need to think about until years down the road and you may be wasting your money if you’re paying for such insurance at this point in your life. But if you’re approaching retirement age and have some health issues, long term care insurance may be a good idea, and even if you don’t purchase it right away, at least you’ll know what your options in the event you need to purchase some in the future.

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