Long Term Care Insurance
What is long term care insurance?
Long Term Care insurance provides money to help pay for your care if you are unable to care for yourself, whether in a nursing home or in your own home.
Why do I need long term care insurance?
Maybe you don't, but maybe your parents do. The cost of a quality nursing home today is more than $50,000 per year! It costs over $100 per day to have a qualified home health care worker! Who can afford this? Not many people. Most of us would use up all our assets pretty quickly if the need arose.
If you are contemplating this type of coverage remember as with most insurance the younger you are the lower the premium.
How much long term care insurance do I need?
This is a very complex insurance product that you need to discuss with a professional to ascertain your exact need. Some of the parameters you will need to determine are:
- How much daily benefit do I need?
- When do I want benefits to begin?
- How long do I want the benefits to last?
- Do I want home health care benefits? How about adult daycare centers?
- What are the "triggers" that determine my eligibility for benefits?
- How does the policy treat cognitive impairment or Alzheimer's?
These are just a few of the questions that need to be answered to figure out what's best for you. As we said, this is a very complex issue. We look forward to working with you on this coverage.
For further information on Long Term Care Insurance Contact Us.