Long Term Care Insurance

There has been a great deal of discussion about long-term care insurance in recent years, but there is also confusion about what it involves. Most people think that it is a policy that simply covers the cost of a nursing home when somebody needs to live in one in their later years. Others think that they don’t need a policy because the government will cover the cost of their medical care if they are unable to. Here are some facts to help clear up some of the confusion so you can make a more informed decision if the matter ever comes up.

 
Long-term care typically involves:

• individuals of any age
• the services of a trained professional
• custodial care over an extended period of time
• individuals who cannot perform two or more of their normal daily tasks 
• individuals who have suffered cognitive impairment or damage to their intellectual capacity
• a range of support services
• recovery services or rehabilitation following accident or illness
• settings like nursing homes, assisted living facilities or even a person’s own home

Other benefits of long-term care insurance include:

• reducing the financial impact of an extended disability
• paying for portions of extended care that aren’t covered by medical insurance
• the ability to control the use of your policy’s benefit monies
• easy qualification for benefits

Long-term care insurance does not typically cover:

• medical care that requires highly-trained specialists
• an elimination period from the time the care is needed until the time specified in the policy
• some hospital stays and services, depending on the type of policy you purchase
• Understanding exactly what long-term care insurance covers and excludes is the best way to find the policy that’s best for your needs. It also prevents surprises when it comes time to utilize the benefits. Your agent will be able to explain most of the stipulations in the policy to you before you decide to purchase it.
• You can find other long term care insurance articles at our websites http://www.long-term-care-insurance-cost.com/ and http://www.hughestrustco.com

Don’t underestimate the value of long-term care insurance. Since your chances are increasing of living beyond your 70s, it’s likely that you may need some assisted living care or specialized skills when you get older. Rather than being a burden to your family or loved ones, long-term care insurance can relieve some of the financial and emotional pressures that often goes along with caring for an aging relative.

Our Company’s Role in Providing Long-Term Care Insurance

• We understand the value of financial security and independence for you and your family.
• We are independent advisors that are committed to quality services and products.
• We want to help you prepare for aging, sickness or injury.
• We strive to help you understand the services that we offer so you can make an informed decision as to the best one that suits your present and future needs.

Products and Services that We Offer

Individual disability income protection in the event that you have an accident or injury that makes you unable to do your job for an extended period of time. With this type of policy, you can still obtain a portion of your income.

Critical illness insurance is ideal in the event that you are diagnosed with a serious illness.

Long-term care insurance policies that are designed to pay for medical services and care in a variety of events.

With long-term health care becoming more popular and necessary, you want to find an agent that is dedicated to helping you find the best policies for your medical needs. We are that company. Contact us and we will take the time needed to explain the aspects of the coverage and policies that we offer. Nobody wants to be a burden to their family and a long-term care insurance policy can help you have peace of mind for you and your loved ones.

You can find other long term care insurance articles at our websites http://www.long-term-care-insurance-cost.com/ and http://www.hughestrustco.com

One thing that causes some people to avoid getting a long-term care insurance policy is that they hold misconceptions about the product. Some feel that the government will automatically pay for their health care services when they get older. Others feel that they are too young to even think about getting a long-term care insurance policy. Sorting through the myths and misconceptions is the best way to make an informed decision for you and your family’s best interest.

Myth #1: I don’t need long-term care insurance because the government will pay for my care if I cannot.

In a way, this is true. The United States and Canadian governments have similar procedures for taking care of the elderly who cannot afford to take care of themselves. This is typically done through Medicaid or Medicare and other programs designed for the poor. The government will take all of the person’s savings and assets, though, before they begin to pay for nursing home care. In addition, the person will be forced to use only the basic facilities that are subsidized by the government.

 
Myth #2: I’m too young to think about getting long-term care insurance.

The fact is that long-term care is something everybody should start thinking about once they reach the age of 40. If you get a policy before that, you risk paying more over your lifetime than what the benefits will actually be worth. If you get a policy at 40, though, you can often get cheaper annual premiums and you’ll be in a better position to make a decision because you won’t feel rushed or pressured.

Myth #3: I don’t need long-term care insurance because my family will take care of me when I can’t take care of myself.

While this may be true, you never know what the future holds. Your family might take care of you, but you might also need skilled care that only a nurse can do. This service alone can cost thousands of dollars each year and could put a strain on any budget. Getting a long-term care insurance policy alleviates the problem of draining your assets in this case.

You can find other long term care insurance articles at our websites http://www.long-term-care-insurance-cost.com/ and http://www.hughestrustco.com

Long term care insurance is a mystery phrase for most people. Most  people don’t know what ” long term care insurance ” is and the rest don’t care.

But they should find out what it is because then they’ll care! If you have an older relative for whom you’ll be responsible, it might turn out to be the cheapest and least aggravating purchase ever!

Is it cheaper to pay $ 4000 a year in premiums for long term care insurance or worry about having to pay $ 3000 and up PER MONTH if she or he needs to be in a long term care facility. It is your choice.
For more information, go to hughestrustco.com

Facts about Buying Long-Term Care Insurance

Long-term care insurance is an essential product that many people overlook, but its popularity is steadily increasing. More than 5% of senior citizens are in need of a way to pay for a nursing home during the waning years of their life. Buying long-term care insurance is the best way to protect their assets and pass them down to their children.

Finding the Ideal Long-Term Care Insurance Policy

• Find an agent that you’re comfortable with. You’ll have a lot of questions about the policies available. A patient agent that explains policies to you is the best one.
• Compare policies and prices. Keep in mind that a long-term care policy is very specific about what it will pay. It does not simply cover all of your medical bills once you reach a certain age.
• Make the decision with family and loved ones. If you have children willing to help with your medical care in the event that you need day-to-day assistance, choose a policy with less nursing home care benefits. You may not need them.

Questions to Ask When Buying a Long-Term Care Insurance Policy

• Does the policy include coverage for hospital care, nursing home care or in-home care?
• Are there stipulations that cancel my coverage if I acquire a certain disease or for other types of incidents?
• How long will the coverage last once I start using it?
• Will the premiums increase? If so, how much?
• What is the maximum amount payout of benefits?

Will the policy begin paying the day I need it, or will there be an “elimination period” before the policy begins to pay?

Don’t let the prospect of purchasing long-term care insurance be a daunting task. Better yet, don’t do it alone, either. Involve family and friends to help you make the decision. This is an important commodity that simply shouldn’t be overlooked with long-term care insurance.

The Cost of Buying a Long-Term Care Insurance Policy

There are several factors that are considered when discussing the cost of buying long-term care insurance. The younger you are when you search for a policy, the less expensive the premiums tend to be. Similarly, a good medical history will also affect the premium prices. If you’re considering purchasing long-term care insurance for yourself or an aging loved one, here are some average prices that you can expect to pay and some tips to help you find less expensive policies.

The Prices of Long-Term Care Insurance

A year’s stay in a nursing home currently costs an average of $40,000.

Premiums for a long-term care insurance policy can range from $500-2,500 each year, depending on age and health history.

With an inflation rate of 5%, you can expect that your premiums will at least double after 14 years. That means that if you are paying a premium for a room that costs $100 today, it will likely cost over $400 in 30 years.

Ways to Save Money on Long-Term Care Insurance Premiums

Choose higher deductibles for your policy. Long-term care insurance policies are similar to all other types of insurance in that you will be required to pay a deductible before your policy begins to pay. Paying a higher deductible means lower annual premiums.

Choose a longer elimination period. This is the amount of time between when you go into a hospital or a nursing home and when your policy actually begins to pay your benefits. A one-year elimination period is ideal for reducing your premium.

Get a policy to fill the gap. If you make $30,000 annually, you typically only need a $10,000 policy to cover the cost of your care.

Long-term care insurance is quickly becoming a necessity. By the time people realize they need it, though, it’s too late to get a decent price. Start early and make careful decisions to help ensure that your needs are taken care of when you are unable to care for yourself.

The Importance of Long Term Care Insurance

Having a long-term care insurance policy provides peace of mind for both the policyholder and the family. Unfortunately, most people don’t recognize the need for the policy until it’s too late. With rising costs of insurance and longer life expectancies for people in general, long-term care insurance is more important than ever.

 
Some Facts about Long-Term Care Insurance

• There are more senior citizens in the general population than ever before.
• By 2010, more than 20 million people will be over the age of 75.
• In the United States and Canada, more than $1 billion dollars each year is spent on nursing home care for seniors.
• Ten percent of seniors will spend at least some of their time in a nursing home.
• Nearly half of all nursing home patients will return home before passing away. The other half will finish their lives while being cared for in a nursing home.
• One quarter of adults who live past the age of 85 will go to a nursing home for the last years of their life. The numbers increase with for each age group as they get older.
• About 70% of people who live in nursing homes have exhausted all of their savings within one year. Other assets are often exhausted soon after that.
• The cost of staying in a nursing home is roughly $110 each day. Depending on how long a person stays, their bill could reach into the hundreds of thousands of dollars.
• Contrary to popular belief, the government does not automatically pay for long-term care.

With these grim facts, it’s no wonder why more and more people are turning to long-term care insurance to make sure their needs are met when they get older. Even though only a small percentage of people will be able to take advantage of the benefits, it’s a great product to have for peace of mind as you enter into your later adult life.

You can find other long term care insurance articles at our websites http://www.long-term-care-insurance-cost.com/ and http://www.hughestrustco.com

Long term care insurance policies can be difficult to understand and difficult to buy.

First of all, at what age are you buying this policy? The younger you are the less the premium per year but the longer you may have to pay it.

And what if you don’t ever need it? Can you get some or all of  your money back ? If you are buying a decent amount of coverage, these premiums add up!

Do you want to share coverage with your spouse and accept reduced benefits if both of you need to use your long term care insurance ?

You can find other long term care insurance articles at our websites http://www.long-term-care-insurance-cost.com/ and http://www.hughestrustco.com