- Why Do I Need Health Insurance?
- What to Look For in Healthcare
- Saving Money On Healthcare
- Blue Cross Blue Shield Plans
- Why Blue Cross Blue Shield?
- Health Savings Accounts
- Short Term Plans
- Dental Care
- Insurance For Students
- Insurance For Small Business
Why Should I Get Long Term Care (LTC) Insurance?
If you're over 65 years old, the chance of needing some form of long term care is more than 50%. And some estimates say those who need long term care have a 40% chance of requiring stays in an assisted living community.
And because long term care can be very expensive, an LTC insurance plan is a smart investment that can prevent your life savings from disappearing.
How Long Term Care Insurance Covers You
Most long term care plans pay for each day you receive care. Plans can have benefits between $50 to $300 a day - and sometimes more. You will be able to choose the amount and length of coverage. Keep in mind the more coverage you get and the longer the period your policy is in effect - the more the policy will cost.
Will I Be Able To Afford Long Term Care Without Insurance?
The costs of daily long term health care can be as much as $60,000 per year. Depending on the part of the country you live in, it could cost even more. With expenses that high, your life savings could vanish very quickly.
With long term care insurance, you can make sure you can afford care when you need it.
What To Consider
Long term care insurance is protection against future medical care expenses.
You should consider:
- Affordability. Think about how much coverage you would need in the worst-case scenario. Then think about how much you can realistically afford. Now try to find a compromise between the two.
- When should I get long term care insurance? The younger you are when you find the right plan, the less expensive it will be. Buying a long term care policy five or so years before retirement is usually cost-effective.
- Inflation protection. You can make sure your benefits won't lose value with inflation protection. Because your benefit amount is in dollars, your long term care insurance could actually lose value as you get older. Inflation protection will automatically increase your benefit amount at a certain rate each year.
The costs of long term care can be overwhelming - but long term care insurance can make those costs affordable. When you use our free quote service, we'll help you make an educated decision finding the right long term care plan.
