Long Term Care Insurance is insurance that you purchase to pay for an extended stay in a rehabilitation facility, should the need arise. Many people think that long term care insurance is expensive and a waste of money. However, as medical breakthroughs happen, people are living longer and in some cases, may need care beyond what a family member can give them.
Let’s face it, no one wants to rely on one of their children to help them bath and feed them. Long term care insurance provides the funding to have a professional care giver who is specifically trained, come into your home to help with these tasks. So your children and loved ones can care about you and not physically for you.
Cost is one factor to consider, however you must also take into consideration the fact that you need to be healthy to apply for and be approved for a long term care policy. I always say, “You can’t call GEICO after you hit the tree with your car” Long term care is no different. You won’t be able to get approved if you’re already sick or infirmed.
Another thing to consider is the cost of a nursing home for extended stay. It can cost as much as $425* per day for a semi private room on and extended basis which equates to almost $13,000 monthly. For most healthy applicants, that $13000 would pay for more than one year of coverage. Pricing is based on age and health. Consider also that you could go through your life savings paying for your care privately. A long term care policy will protect your assets as you age, and allow you to choose where you want to receive care, whether it is at home or in a skilled nursing facility. You remain in control of your care.
Finally, you should consider the stress that providing care for a loved one puts on your family. Many times, the caregiver also gets sick from the stress.
Is Long Term Care insurance right for everyone? Not necessarily, but is it right for you. You owe it to yourself and your loved ones to look into it. For a free private consultation, please visit my website and “Ask Steve” www.shorelineinsurancect.com , or call me 203-433-4969.
• * https://www.medicaidplanningassistance.org/