Do you Need Long Term Care Insurance?

A 2006 study conducted by AARP found that most Americans do not know the costs associated with Long-Term Care and overestimate the amount that government programs such as Medicare will pay. Couple that with the fact that medical problems are a leading cause of personal bankruptcy in the United States. Additionally, more companies are scaling back on pension plans and the health care coverage associated with them. It’s easy to see how a medical problem in later life could drain your savings.

Insurance companies offer something called long-term care insurance to protect you from this problem. Long term care is not typically covered by Medicare so it is a good an idea to take a look at this option. Long term care is defined as a variety of services which help meet both the medical and non-medical need of people with a chronic illness or disability who cannot care for themselves for extended periods of time. It can be provided at home, in the community, in assisted living or nursing homes.

Long-term care insurance covers the costs of nursing-home facilities and the costs of long-term home health care. This kind of insurance provides a daily dollar benefit i.e. you get a fixed amount of money each day. There are five important areas to look at when considering long-term health insurance:

1. Comprehensive or Facilities-only plans – Comprehensive plans help pay for care at home as well as in a nursing home. Facilities only plans require the care takes place at a long-term care facility (ex. Nursing home). Facility only plans are usually less expensive.
2. Daily benefit amount – Actual or maximum amount insurer will pay per day. Some plans pay on a monthly or weekly basis.
3. Benefit Period – The amount of time you want to receive the daily benefit amount. The period can range from two years to an unlimited amount of time.
4. Elimination or waiting period – How long you have to wait from the time you are eligible for the benefit until you begin receiving them. Policies with short or no waiting periods are more costly.
5. Inflation protection – This is to protect you from the rising cost of care. There are a variety of options to choose from.

Affordable Long Term Care Insurance Quotes

Look for affordable long term care (LTC) insurance quotes with our safe, fast, and free online long term care insurance quote form!

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