You might have heard of long term care insurance, but that doesn’t mean you understand it. Hopefully, this piece can shed some light on the topic.
Long term care insurance is ideal for some, but less than helpful for others. It is designed to help offset the cost of senior care, but each policy will have different things it covers and how much. Some cover nursing home costs only. Some cover home health care. Some cover only partial amounts of the cost of care per day.
Long term care insurance has a fixed cost. You won’t find rates going up as you age. And as a general rule, the younger you are and the better your health when you purchase it, the cheaper it will be. Over the course of years, those that buy LTC insurance early spend a lot less money, both on the insurance premiums and the cost of care. However, if care isn’t needed, that cost is lost.
That’s the big thing to think about before you purchase long term care insurance. By the time it is clear that it will be needed, you likely won’t be able to purchase it. It will either become too expensive (the yearly premium drastically increases as you age) or you won’t qualify (many insurance companies require a health exam prior to purchase). The longer you wait, the harder it becomes to get this type of insurance. That means that many of the people who could benefit from LTC insurance never purchase it because of the unknown factor that surrounds it.
This is a conversation that you should have with both a trusted doctor and an insurance agent. A team that you know and trust, and that understands your situation, will be able to steer you in the right direction. The world of care is complex, and the world of insurance is, too. When you combine them together for a product like LTC insurance, there is a lot to take in. You don’t need to be overwhelmed by salespeople that are trying to sell you something that will help them to make money, but not help you or your family find the perfect care solutions to fit your needs.
Providing care is not the only thing that we do. We are in the business of helping people. We do our best only to hire the very best caregivers, people that are selfless and are here for the right reasons. Our caregivers go through an extensive interview and background check period to help us ensure that only those that truly care about helping others are sent out into the field under our company’s name. Your family deserves the best, and that’s what we intend to provide.
If you have questions about care, please let us know. We offer free consultation services. We know that care is scary. We know that it’s never an ideal moment for people. So we try to make it as easy and painless as possible to get connected. Give us a call today to get started.
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