Long term care insurance is defined as the type of care received
when someone needs assistance--either at home or in a facility--with
activities of daily living due to an accident, an illness, or advancing
age.
You can see by the definition that the need for long term care
is not limited to the elderly. Anyone who cannot function independently
may need the protection of long term care insurance. Accidents
and
unexpected illness can happen at any time, at any age. The risk
may be greater than you expect.
If you needed long term care, who would provide it? Where would
you receive it? How would you pay for it? These are important questions
to consider.
How much does Long Term Care Insurance cost?
National nursing home care costs average between $20,000 and $60,000
per year, depending upon location and level of care. Home-based
care costs vary depending on the type and frequency of care required.
For most of us, this expense could have a significant impact on
our financial security.
Who pays for Long Term Care Insurance?
Many people believe that health insurance or a government program
will pay for long term care. Currently, personal and government-funded
programs do not cover the majority of long term care costs.
Health insurance is designed to reimburse expenses associated with
medical costs such as tests, medicines, doctor visits, or other
specific services. It will not pay the added cost of long term care.
Government programs, at present, are restricted or limited. Medicare,
for instance, is designed to provide health insurance for people
over age 65 and pays only 5% of long term care costs nationally.
Medicaid pays approximately 45% of the total spent on long term
care nationally, but individuals must deplete their assets to poverty
level in order to quality for Medicaid benefits. Individuals or
their families typically carry the burden of long term care expenses.
In fact, consumers pay 45% of the nation’s long term care
costs.
How do I apply for Long Term Care Insurance?
Long term care insurance is offered in a different fashion than
group health and other insurance products. Retirees deal directly
with an insurer like Insurance Planners for coverage, premium payments,
claims, and all other aspects of the plans.
Long Term Care Insurance will provide free
Long Term Care Insurance quotes to all retirees, spouses, and
eligible dependents; however, some individuals may be denied coverage
because of poor health. Rates will vary with your age.
If you are interested in long term care insurance, call Insurance
Planners at (866) 582-0003 directly to ask any questions you may
have or to receive a free quote.
Long Term Care Insurance cannot prevent you from ever needing long
term care, but it can help you protect yourself and your family
from the financial impact. Please take the time to learn more about
this coverage and the valuable protection it provides.
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