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Do you Need Long Term Care Insurance (LTCI)?
While most adult Americans are giving some thought to retirement planning, especially with these tight economic times, many have not really thought about the need for long term care planning. In my experience, people who have had to go through the experience of having a family member need long term nursing care tend ot think about it more than others.
The Need for LTC Planning
But experts predict that along with longer lives will come the increased possiblity that half of us will need nursing care at some point in our adult lives. And the cost of that nursing care, if it is extended for months or years, will not be paid by Medicare as it is right now. Medicaid may kick in, but only after a person uses up most of the assets they have spent a life time building up! The cost of private long term care insurance may be a good bet compared to the cost of extended nursing care. And many plans allow for choices in how that care is taken, be it a nursing home, assisted living facility, or home nursing care, or even care by family members. Either way, this extended care will cost plenty.
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It is common, even today, for nursing homes to cost $4k or more. While assisted living may cost less, not everybody will qualify for that if they have a major health problem. And even a family member must give up their time, and perhaps their income, in order to care for an indivual who needs constant care. We all should probably consider the need for long term care insurance!
How much will LTCI Cost?
So many factors will determine your rates. An applicant’s age, general health, location, and the type of plan will affect the premiums. Some people may earn a discount rate for good health, good health habits, or for having a spouse discount. Beyond that, plans have waiting periods, plan maximums, and other features that can be chosen that will affect the premium.
In order to get an accurate estimate of your price and plan choices, consider getting Online Long Term Care Insurance Price Quotes. These fast and free forms will return competitive quotes and policies from top insurers in your area.
Related posts:
- Do We Need Long Term Care Insurance?
- Health Care Reform: Long Term Nursing Care
- Pros and Cons of Long Term Care Insurance
- Planning For Senior Nursing and Health Care Assistance
- Which Kind of Health Insurance To Buy?
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