The Basics of Long-Term Care Insurance

You’ve worked hard, you’ve got a great life to show for it and you’ve set aside money for your retirement, but sometimes life happens, you get in an accident or develop an illness that makes it impossible for you to care for yourself for an extended period of time. And then what? Who would take care of you? And how would you pay for that care?

Wouldn’t you like to know?

You can, with long-term care insurance. Having long-term care insurance means that you can get the high-quality care you need in the setting of your choice, maintain your independence, and relieve the financial and care giving burdens from your family.

Most people don’t realize that there’s a 70% chance you will need some type of long-term care after 65 and it can be expensive. A home health aide costs around $20 per hour, that’s like hiring a full-time employee at $42,000 a year. And a private nursing home can range from $80,000 to $100,000 a year.

Unfortunately, many people think their health insurance or a Government program will pay for that but for the most part that’s just not true. Health insurance typically just pays for doctor and hospital bills. Medicare only covers short-term skilled nursing home care and Medicaid only pays for your care if your assets are very limited. That means you’ll most likely be paying for care from your savings or your retirement fund and that can go fast.

Avoid this with long-term care insurance, which can help protect your retirement nest egg and don’t put it off. A good time to purchase long-term care insurance is when you’re in your forties or fifties when premiums are affordable and your health is good. You may be able to buy long-term care insurance through your employer, an association or membership group or because everyone’s needs are different, you can sit down with an agent to ensure you get the plan that works best for your needs and budget.

Want to learn more about the many benefits of Long-Term Care Insurance and find a plan that’s right for you? Contact Us

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There’s about a 70% chance you’ll need some type of long-term care after age 65, according to government stats. And given that the cost of long-term care can quickly deplete your life’s savings, it just makes sense to add it your financial plan.

When you prepare for any upcoming investment or purchase, you probably run into some unfamiliar language or terminology in your research, which can be frustrating and downright confusing.

Searching for a long-term care insurance policy is no different. A long-term care insurance policy describes coverage under the policy, exclusions and limitations—and can be laden with industry jargon. Here’s a breakdown of the fundamentals:

There are four primary components that determine your long-term care benefits and influence your monthly cost.
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Questions or other Inquiries?

Refer to our Contact Sheet to reach out to us. You can also call 1.844.TRY.QQIS

The post Here’s What You Need to Know About a Long-Term Care Insurance Policy appeared first on Quality Quote Insurance Solutions.