Long Term Care Overview
Most consumers begin thinking about the possibility of needing long term care insurance after they reach the age of forty. They see one of their parents or aunts become disabled and the reality of mortality sets in. If this is happening in your life, you understand the need to be able to afford home health care, assisted living, or even a nursing home as you get older.
Keep in mind that a nursing home can cost more than fifty-thousand dollars a year. Private home health care isn’t as expensive, but it can cost more money than you plan to have when you retire. If you become disabled, you may be able to hire a part-time home health care provider depending upon the amount of services needed.
Forty Percent of Consumers over the Age of 65 will Need Long Term Care Insurance
The government estimates that approximately forty percent of people who retire at the age of sixty-five will need some sort of nursing care during their retirement years. Who is going to pay for the care? Medicare, which is funded by the federal government, only pays for short term care.
Medicaid does pay for nursing homes and if you know how to apply, you could get the agency to paly half of all of the costs, but you must live in the United States. And you have to deplete all your savings before you can apply.
You can protect your savings if you purchase a long term care insurance policy. Insurance was created to help everyone manage life’s risks. For example, when you purchase an auto insurance policy, you are spreading the risk that you may be involved in an accident. You pay premiums and in the event you suffer an accident, you’re covered financially so you only have to pay a deductible.
The same is true for insurance companies that provide long term care coverage. Just as with auto insurance, you may never need to file a claim on your LTC policy because you remain healthy and independent in your golden years. Some insurance companies provide a return on your investment so it’s a good idea to shop around for a provider which offers this option.
Take Your Time When You Shop Around for LTC
Long term care policies are complicated and there are many different types of policies available. Depending on your health and your age at the time you purchase a LTC policy, you may not have to pay high premiums, but you will have to continue to pay the premiums well into old age.
Some long term care policies are more useful and flexible than others so you’ll need to do a lot of research and make a few decisions before you purchase a policy. For instance, you could purchase a policy that only pays for a nursing home in the event you become disabled.
You could also purchase a policy that will only pay for home health care. You have a lot of options and some things you can consider are your current health and your family’s health history. If one of your parents develops Alzheimer’s, there is a slight possibility you could develop the illness as well, so it should be something to take into account when you’re shopping around for a policy. Researchers do not know the exact cause of Alzheimer's disease, but it is most likely due to a combination of a variety of genetic and other factors.
Premiums are lower for younger and healthier people so the sooner you purchase a long term care insurance policy the better off you’ll be. Remember to search for a company which will provide a return on your investment because you may not need it if you remain healthy and independent.
Keep in mind that a nursing home can cost more than fifty-thousand dollars a year. Private home health care isn’t as expensive, but it can cost more money than you plan to have when you retire. If you become disabled, you may be able to hire a part-time home health care provider depending upon the amount of services needed.
Forty Percent of Consumers over the Age of 65 will Need Long Term Care Insurance
The government estimates that approximately forty percent of people who retire at the age of sixty-five will need some sort of nursing care during their retirement years. Who is going to pay for the care? Medicare, which is funded by the federal government, only pays for short term care.
Medicaid does pay for nursing homes and if you know how to apply, you could get the agency to paly half of all of the costs, but you must live in the United States. And you have to deplete all your savings before you can apply.
You can protect your savings if you purchase a long term care insurance policy. Insurance was created to help everyone manage life’s risks. For example, when you purchase an auto insurance policy, you are spreading the risk that you may be involved in an accident. You pay premiums and in the event you suffer an accident, you’re covered financially so you only have to pay a deductible.
The same is true for insurance companies that provide long term care coverage. Just as with auto insurance, you may never need to file a claim on your LTC policy because you remain healthy and independent in your golden years. Some insurance companies provide a return on your investment so it’s a good idea to shop around for a provider which offers this option.
Take Your Time When You Shop Around for LTC
Long term care policies are complicated and there are many different types of policies available. Depending on your health and your age at the time you purchase a LTC policy, you may not have to pay high premiums, but you will have to continue to pay the premiums well into old age.
Some long term care policies are more useful and flexible than others so you’ll need to do a lot of research and make a few decisions before you purchase a policy. For instance, you could purchase a policy that only pays for a nursing home in the event you become disabled.
You could also purchase a policy that will only pay for home health care. You have a lot of options and some things you can consider are your current health and your family’s health history. If one of your parents develops Alzheimer’s, there is a slight possibility you could develop the illness as well, so it should be something to take into account when you’re shopping around for a policy. Researchers do not know the exact cause of Alzheimer's disease, but it is most likely due to a combination of a variety of genetic and other factors.
Premiums are lower for younger and healthier people so the sooner you purchase a long term care insurance policy the better off you’ll be. Remember to search for a company which will provide a return on your investment because you may not need it if you remain healthy and independent.