Long term care policy
It’s official! I got my Long-Term Care Policy handbook in the mail. While meeting with our life insurance agent Kristi I was curious and asked if they offered Long-Term care policies. She thought I was kind of young to be interested in a Long-Term Care policy. But after explaining to her what I do for a living it made perfect sense. Since working with seniors for the last couple of years I have seen firsthand how Long-Term care insurance can really help senior citizens and their families.
What does Long-Term Care insurance pay for?
Long Term policies are not the same and vary in what they cover. Depending on your policy LTC insurance can pay for in home care; assisted living; relative who is caring for a loved one; or residential care home placement. Most of the time LTC policies will not cover cost of medications; durable medical equipment; or doctor visits.
Cost of getting a LTC policy?
The cost of a Long-Term Policy depends on your health at the time that you apply for the policy. When I signed up for a policy I gave permission to my insurance agent to look at my medical records. They also asked me questions like how often I drink alcohol or smoke. My insurance agent told me that people who have diabetes and are insulin dependent cannot qualify for a policy at all. The amount you pay is based on your overall health, you choose how much coverage you want. The policy might also come with an inflation rate, which means the amount that the policy will pay out later may be higher depending on the economy at that time.
Who do I contact to get a Long-Term Care policy?
To find out information on getting a Long-Term policy you could ask a life insurance agent you already work with, or call any insurance company that offers life insurance.
Why should I get a Long-Term Care Insurance policy?
The best way to plan for when your elder years is to prepare now. The cost of senior care keeps rising every other year. Remember the cost of staying at a nursing home starts at $10,000 per month. Most people do not have $10,000 a month setting in their bank accounts. There are so many families that I have worked with that are sticker shocked at the price of care. Families become overwhelmed, sad, depressed because they cannot provide the kind of care for their loved one that they had hoped for. Do not really on social security, Medicare, or Medicaid. Long-Term Care Insurance will relieve the burden on you and your family to pay for good quality care.
For me it was a no brainer I had to get LTC insurance, for my husband it was a different story. My husband did not want to pay extra money for something that he says he may not use. Purchasing LTC insurance is like buying care insurance. We pay hundreds of dollars for car insurance every year but we don’t know if we will actually use it. But boy your thankful when someone side swipes you and you have insurance.
Even though we had to adjust to this new payment every month I’m at peace knowing that when my husband and I get old, our children will not be burdened by the cost of good quality care for the both of us.