 Long Term Care Insurance Basics
In this article:
How Long Term Care
Insurance Can Help You
Long
term care insurance can
help to cover the expenses of long term care, inlcuding nursing
home care,
assisted living facilities costs,
retirement communities costs, and at-home care costs.
Private long
term care insurance is a way to avoid spending all of your assets
when long term care is needed. Medicaid will
not pay until an individual has "spent
down" assets. Long term care insurance can prevent a family
from financial hardship or ruin due to the costs of care.
Long Term Care Insurance can also provide funds for assistance
and help individuals remain independent for longer in their own homes.
Long term care insurance policies vary widely in the coverage
they provide, and consumers are wise to do some research before
purchasing any long term care insurance policy. The cost
of long term care insurance vary depending on your age, the benefits you
choose, the
length of coverage and other factors.
The need for long term care
is not limited to the elderly. Anyone who cannot function independently
may need the protection of long term care insurance. Accidents
and
unexpected illness can happen at any time, at any age. The
risk may be greater than you expect.
How much does Long Term Care Insurance cost?
National nursing home care costs average between $20,000 and
$60,000 per year, depending upon location and level of care.
Home-based
care costs vary depending on the type and frequency of care required.
For most of us, this expense could have a significant impact
on
our financial security.
Who pays for Long Term Care Insurance?
Many people believe that health insurance or a government program
will pay for long term care. Currently, personal and government-funded
programs do not cover the majority of long term care costs.
Health insurance is designed to reimburse expenses associated
with medical costs such as tests, medicines, doctor visits, or
other
specific services. It will not pay the added cost of long term
care.
Government programs, at present, are restricted or limited. Medicare,
for instance, is designed to provide health insurance for people
over age 65 and pays only 5% of long term care costs nationally.
Medicaid pays approximately 45% of the total spent on long term
care nationally, but individuals must deplete their assets to poverty
level in order to quality for Medicaid benefits. Individuals or
their families typically carry the burden of long term care expenses.
In fact, consumers pay 45% of the nation’s long term care
costs.
How do I apply for Long Term Care Insurance?
Long term care insurance is offered in a different fashion than
group health and other insurance products. Retirees deal directly
with an insurer for coverage, premium payments,
claims, and all other aspects of the plans.
Long Term Care Insurance Companies will provide free
Long Term Care Insurance quotes to all retirees, spouses,
and eligible dependents; however, some individuals may be denied
coverage
because of poor health. Rates will vary with your age.
Receive free
long term care insurance quotes online.
Long Term Care Insurance cannot prevent you from ever needing long
term care, but it can help you protect yourself and your family
from the financial impact. Please take the time to learn more about
this coverage and the valuable protection it provides.
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