What is Long Term Care Insurance?

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. Consequently, the cost of long term care insurance will vary according the LTC policy, coverage and carrier you choose. 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 qualify 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 directly at 410-984-2714 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.

Get an online quote today!