Affordable Long Term Care Insurance
You can now purchase a stand along LTC policy OR buy life insurance with long term care type benefits.
Call 866-866-0242 today for your free long term care insurance quote.
Now is the Time to Buy Long Term Care Insurance
With nursing home, assisted living, and home health care costs rising exponentially, many people are looking to purchase Long Term Care Insurance (LTCI). With baby boomers collecting more and more benefits, acting now could help you avoid a rate increase.
Why Do I Need Long Term Care Insurance?
Actually, not everyone needs to buy LTCI. If you are living from Social Security check to Social Security check and have very few assets, buying Long Term Care Insurance is not recommended. Those who need Long Term Care Insurance are those who have substantial investments, property, land or savings; and who also have sufficient income coming in that they can afford to pay LTCI premiums.
Doesn't Medicare Pay for Long Term Care?
Medicare covers only a limited number of days of a qualified nursing home stay, and covers very limited home health care. Therefore, if rehab is needed after surgery or to heal broken bones; if Alzheimer's or arthritis keep a person from being able to live alone; or if treatments are needed that zap a person's ability to care for themselves; it can be costly for that person to pay for the care they need.
Before Medicaid can be used, assets must be sold down to a very low level and that money used to pay for long term care. Long Term Care Insurance pays for the care so that savings, land, and even one's home can be held onto.
Long Term Care Insurance Gives You a Choice
LTCI also allows the policy holder to choose where they want to receive their care, rather than go where Medicaid dictates. Finally, many people buy Long Term Care Insurance because their families want to know they will be cared for without them having to quit jobs or homes to ensure that they get the care that is needed.
What should I look for in Long Term Care Insurance?
Traditional Long Term Care Insurance either pays the facility that provides the care (reimbursement LTCI) or pays the policy holder (indemnity LTCI). You have the same choices when you buy life insurance with LTC built in. Some will pay the insured person if you are not able to do two or more ADL's. Others will attach long term coverage as a rider, and my either pay the policy holder or the facility providing the care.
The indemnity type of Long Term Care Insurance may allow you, e.g., to pay a relative to care for you in your home. While there are pros and cons to both types of policy, many people like the flexibility of new indemnity policies.
When choosing LTCI, some things to look at are:
1) Length of coverage. Do you want it to last several years or up to a lifetime?
2) Elimination period. This is the amount of time you'd have to wait after becoming qualified, until your benefits started to pay. Qualification usually requires that the insured person is unable to do two or more ADL's (activities of daily living such as dressing or eating) without personal assistance.
3) Benefit amount. This should be based on the cost of long term care in your area, with cost of living taken into account.
Where to Buy Long Term Care Insurance?
Using a brokerage like Outlook Life can save you a lot of time and ensure you are getting the most competitive price on your Long Term Care Insurance. That is because we carry products from many companies so that you can get the policy that has the best price for you.