Long Term Care Insurance
Did you know? 52% of Americans over age 65 will require some form of long term care.
It’s no secret that long term care can be incredibly expensive. Without insurance coverage, the cost can equate to hundreds of thousands of dollars. Unless you are independently wealthy and can cash flow the high expense, you may be without a way to pay for the care that you need.
Long term care insurance allows you to safeguard your savings against the high cost of long term care. Brain disease, cancer, and other common diseases often bankrupt middle-class families that are unprepared for accompanied cost.
Planning, combined with a long term care insurance policy, can protect you and your family from catastrophic expenses.
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Who Needs Long Term Care Insurance?
As mentioned above, it’s more than likely that we will need some form of long term care at some point throughout our life. For some, this period may be short; for others, it may be permanent.
Individuals who suffer from chronic illness, disease, or disabilities have an even higher likelihood of needing long term care.
Who needs long term care insurance? Any individual who does not have the financial means to cash flow long term medical expenses.
What is Long Term Care Anyway?
Most long term care is administered in the home and is known as “personal care.” This type of care includes assistance with simple activities such as eating, bathing, and dressing.
More intensive forms of long term care require services administered by nurses, therapists, and specialized professionals. These types of services primarily take place inside a hospital, nursing homes, or treatment centers.
The Likelihood of Needing Long Term Care
A rather daunting statistic is that 84% of Americans over age 65 are living with at least one chronic health condition. And often more as they age. Chronic health issues increase the likelihood of needing Long Term Care in the future.
When you purchase an LTC policy, you are insuring against a likely costly health event in the future, which might be one of the most important decisions you ever make.
Personalized Long Term Care Insurance Quotes
How to Purchase Long Term Care Insurance
Consumers have two options in finding an insurance agent to help them with a long term care insurance policy.
- Captive insurance agents. A captive insurance agent works for a single insurance carrier and can only offer products from that particular carrier.
- Independent insurance agents. An independent insurance agent is not bound to any single insurance carrier. They can shop all the top providers and help you find your best long term care insurance policy regardless of which carrier it is with.
Individuals who do not work with an independent agency often end up with a less than ideal policy, and frequently pay more for their coverage.
Our specialized firm helps you shop and compare LTC insurance policies side by side so you can find your best market offer. Rates, policy options, and covered services vary significantly between plans.
It’s critically important that you work with an experienced independent agent if you want to find your best policy.
Long Term Care Insurance with Pre-Existing Conditions
Unfortunately, not everyone will qualify for LTC coverage. Long term care insurance policies require medical underwriting, and therefore most people with pre-existing conditions will not be eligible for coverage.
Some insurance providers will offer policies that exclude care for pre-existing conditions for a set amount of time.
You must be completely honest about your health when applying for a long term care insurance policy. If you withhold health information and the carrier finds out, the funds promised in within your plan will be void.
Long Term Care Insurance Alternatives: If your health prevents you from qualifying for long term care insurance, then there are several alternative ways to get funds to help cover potential long term care costs. Senior life insurance policies, as well as Annuity investments, can also be designed to include coverage for long term care.
Short term care insurance policies are also an available option to long term care insurance. However, in our view, short term care insurance is rarely worth the cost.
How Much Do Policies Cost?
Most people are aware that long term care insurance is not cheap. Which further increases the importance of working with an independent agent who can help you locate your lowest cost option.
The only way to determine the cost of your long term care insurance policy is to begin to shop and compare quotes from the top providers. Your age, health, gender, state of residence, and coverage services will all affect the cost of your monthly premium.
Our agency does the shopping process for you. We compare long term care insurance companies nationwide to help you find your lowest cost policy with the highest policy value.
Unfortunately, many people dismiss purchasing long term care insurance because they assume it is too expensive. Sadly, many of these people find out down the road truly how expensive it is not to have an insurance policy in place.
What may seem like an expensive monthly premium is much cheaper than paying the full cost of long term care without insurance coverage.
You can explore ways of paying for long term care here.
As mentioned above, the statistics show that most of us will require some form of long term care. If it’s likely to happen, then choosing to go without insurance coverage is likely to be a very costly error.
Does Medicare Cover Long Term Care?
Medicare does provide minimal long term care coverage. It’s essential to understand the limitations of what Medicare provides.
Medicare Part A will cover in-patient care for the first 100 days. That’s only 3 1/2 months. After these benefits run out, you will be left with the full amount of care costs.
Keep in mind that the most common type of long term care does not take place inside a treatment facility, and therefore Medicare’s limited coverage does not help. The most common type of long term care takes place in the home and is considered “personal” or “custodial” care. Medicare does not provide benefits for this type of care.
Take a look at the numbers:
- The average number of years women will need long-term care – 2.5 years
- The average number of years men will need long-term care – 1.5 years
- Percentage of people needing more than five years of long term care – 14%
Sadly, most people new to Medicare are unaware that their benefits provide very little long term care coverage. However, now that you have this information, you can make an informed decision on whether or not to purchase a long term care insurance policy.
Exploring Your Options
It’s impossible to make the right decision until you’re aware of the available options. And as mentioned above, the only way to discover your options is to compare plans and rates side by side.
Shopping for long term care insurance on your own is a very tedious process. There are many carriers, and lots of insurance jargon to sort through and understand. The good news we’re here to help. And our agency is designed to make the shopping process simple and straightforward.
Our independent agents work for YOU, not the insurance company. We help you explore your options from all the top carriers across the country. When you work with our agency, you’ll get an advocate on your side who looks out for your best interest.
Our referral service is free for you to use. And there’s no obligation when speaking with one of our agents.
If you decide to move forward and purchase a policy, our streamlined application process can be completed in a matter of minutes.
We’ve helped thousands of seniors protect their health and their savings with long term care insurance. We’d love to help you too!
Get started today by filling out the form on your screen.
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