Long Term Care Policies
As you age, the risk for a serious or chronic health condition increases. If bad enough, these conditions will require everyday care from either your family or qualified nurses. This can be a very difficult time for your family as they are most likely working full-time jobs and taking care of children. While a nursing facility or nurse residential care can be a great option, the price for these services can be astronomical. This is where long term care policies come in. The plans provide you protection from high costs when needing routine skilled medical services.
What the Policy Covers
These plans will help pay for home care, adult day care centers, assisted living facilities, as well as skilled nursing. These services are needed when daily activities of an individual become very difficult or impossible to do on their own. Daily activities include bathing, eating, using a bathroom, transferring, continence, and dressing. When two or more daily living activities become impaired, an individual can usually begin to start receiving benefits. Although, impairments need to be verified and confirmed before a policy will start paying.
When Should You Purchase Long Term Care Policies
These best time to purchase a plan is when you are younger. Similar to Life Insurance, a Long Term Care plan will have a significantly lower premium the younger and more healthy you are when you apply. While you will be paying a premium for longer if you apply at a young age, the premiums will increase exponentially the longer you wait. In the long run, you will end up saving money and lock in a lower and much more manageable premium. This is not only an investment for yourself but also an investment for your children, grandchildren, or extended family.
As a health insurance broker, our office is licensed to provide you with professional information on multiple lines of insurance including Long Term Care and Life Insurance. Our advice and strategies come to you at no additional cost. You will never pay us fees and you will always pay the same amount for the policy.