Long Term Care insurance pay for custodial care after and injury or illness. It can be very beneficial to a spouse and or the family because it gives them the assistance and support in providing you with with quality and dignified care.
Protects Dignity and Assets
Long Term Care insurance pays for custodial care in a Nursing Home, Assisted Living and Home Health Care. Most people would prefer this type of care in their home if possible. Long Term Care Insurance picks up where Medical Insurance ends. It pays for custodial care that does not fall into the care plan of a medical professional.
As a person gets older, recovery from injury and illness naturally takes longer and longer. Many times, family is not qualified to provide the care needed or simply cannot due to other personal obligations. The need for care affects the entire family and tough decisions have to be made.
The cost of custodial care needed is astronomical and financial assets must be used before public assistance is available. Without Long Term Care insurance, you have less control while you are in a very vulnerable situation. After a serious illness or injury is not the ideal time to sell financial or retirement assets to pay for custodial care. Nobody wants to work a lifetime only to spend their life savings on a Nursing Home and then spend their final days relying on public assistance after all their money is gone. Long Term Care protects independence and financial assets by providing benefits to pay for custodial care for pennies on the dollar. Long Term Care is normally provided in the Home, Assisted Living Facility or Nursing Home.
You especially should consider Long Term Care Insurance if:
• You have a family history of medical conditions that increases the possibility that this care will be needed.
• If the financial security of your spouse would be effected by your need to pay for Long Term Care.
• If you are concerned that need for this care could deplete your financial assets or independence.
Purchasing a Long Term Care Insurance Policy
Long Term Care Insurance is purchased as a daily benefit over a defined period of time. The cost is based on age when purchased, daily dollar benefit amount and years of benefits available. Long Term Care Insurance is health qualified and changes in health can affect which companies will be an option for you and how much a policy will cost. You can purchase comprehensive policy or stand alone Nursing Home or Home Health Care. It is best to choose a while in optimum health as you will have the most companies to choose from. However, we still have good options for higher risk situations and elder ages.
Independent Agency Advantage
We compare multiple companies when recommending a policy. We will look among multiple companies to look for the best combination in cost and coverage for your personal situation. We offer comprehensive or stand alone Nursing Home and or Home Health Care policies.
It pays to compare your Long Term Care policy.
It is a good idea to compare your Long Term Care policy every few years to make sure you are getting a competitive rate from a reputable company. Sometimes, I am able to find a policy with better benefits for a lower rate with a very reputable company.