LTC insurance is the most cost effective way to pay for Long Term Care expenses. The sooner you enroll in a plan the less you will pay over your lifetime and the more benefits you will have. However, you must apply while you are still in relatively good health.
We are here to help simplify the process of understanding Long Term Care and help you decide if Long Term Care insurance is right for you.
What is Long Term Care?
Long Term Care is assistance for people needing help with everyday activities. This assistance is usually needed because of an accident, prolonged illness, or the aging process. This care can be provided in the home, Assisted Living Facilities, Nursing Homes, or other similar facilities. The assistance provided typically includes help with bathing, dressing, cooking, cleaning, toileting and transferring.
Why Long Term Care Insurance?
Providing Choices:
Long Term Care services can typically cost between $20,000 to $100,000 per year depending upon what type of care you need and where you receive that care. Long Term Care insurance helps cover these costs and allows you to choose both where you receive your care and the quality of your care. Most care is received in the home, while the rest is provided in Assisted Living Facilities, Nursing Homes, and other similar facilities.
Preserving Assets:
Most of us share certain goals for our retirement years: security, independence, choices, and control. Achieving these goals is dependent upon building and protecting your retirement income and investments. Long Term Care insurance will protect you from being forced to spend your own finances to provide care for yourself, your spouse, or a loved one.
Protecting Families:
If you lack the resources needed to pay for care, you will have to rely on family members to care for you. Long Term Care insurance protects your family from the burden of daily caregiving, the financial burden of paying for care, and the emotional burden of dealing with the whole process.
How much does Long Term Care Insurance Cost?
The price of a Long Term Care Insurance policy is different for every person because it is based on your age and health at the time you apply for coverage. Benefits are very flexible and can be designed to fit your needs and budget. The best way to find out how much Long Term Care insurance will cost for you is to get a rate comparison from the top rated insurance companies to see who will offer you the best coverage at the most affordable price.
