Long term care Insurance

Long term care Insurance

Choosing the right long-term care insurance can be the most important retirement planning you do. You hope, as with all other types of insurance you buy, you never have to use it. The difference with long-term care insurance is that there is a much greater chance of using it than your homeowner, car or even a catastrophic health event. Statistics show that more than half of the 65-year-olds will need long-term care at some point in their lives. So if you buy a long-term care insurance, there is a very good chance that one day you will use it.

Let us take a look at what a long-term care insurance will do for you and your family. This type of insurance covers the care of someone who needs help with basic tasks of daily life such as bathing, dressing, and eating. With long-term care insurance, this type of help can be provided in your home. Long-term care insurance is not just “nursing home” insurance as many people think. Most long-term care guidelines cover the cost of supervised living facilities, home care, in addition to traditional nursing care.

Today, less than 15% of long-term care is in a nursing home. Using long-term care insurance is exactly what you need to keep you out of a nursing home so that you can get care at home. Would most people not stay in their own homes with their families as long as they can?

Long-term care is expensive. According to MetLife’s Mature Market Institute, nursing care runs an average of $ 213 per day or $ 77,745 per year, an assisted living facility is about $ 2969 per month, home health AIDS $ 20 per hour, housewife/companions $ 18 per hour Adult day services $ 64 a day. The fact is that worse than the need for long-term care is not able to afford it.

It is important to remember that you do not need long-term care for perhaps 20-30 years. In this sense, you need to consider the rate of inflation and how much long-term care will cost you at the time when you begin to get care. In twenty years, $ 213 per day will be $ 564 per day. So you can have the means to cover the cost today, but you will have enough to cover the cost of care twenty or thirty years from now.

Long-term care plans offer inflation protection, which in the future allows the increased costs. It is highly recommended that you include the inflation protection in your plan unless you buy a plan in your 70s or older. Long term care insurance seems expensive, but compared to what? You can easily save money when you buy a policy while you are younger and in good health. If your health is bad, you can not qualify for long-term care insurance at any price.

It is important to consult with a long-term care specialist who is independent and does not show any prejudice against a company. He/she will be able to guide you to the company which will provide you the best coverage at the best price. Do not forget to apply for the discounts you qualify for such as marriage or partner discount, preferential health and apply together as a pair discount.

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