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Long Term Care Insurance
Did you know that 1 out of 2 people will require some kind of long term health care / long term care in general at one point or another in their life? Even more startling is the fact that approximately 70% of people aged 65 or older will require long term care of some kind or another. When you consider that long term care costs have a national annual average of approximately $41,000, it is important to insure that you have the necessary funds, either through savings or a long term care insurance policy, so as to protect yourself in the long term should some debilitating health issue make you incapable of caring for yourself.
Although not covered through Medicare, long term care is sometimes covered through Medicaid. For the most part, the best solution to affording the high costs of long term care is through a long term care insurance policy. Long term care insurance can range in cost from anywhere from a couple hundred dollars a year up to as much as $10,000 a year. (Dependent on the range of services covered) Even the $10,000, however, is in stark contrast to the excessive $41,000 national average.
What exactly does long term care insurance cover?
- Nursing home care & home care services such as nursing care, physical therapy & home health aides.
- Assisted living, adult daycare & alternative care.
- Organic cognitive disabilities including Alzheimer's are generally covered.
What isn't covered?
- Preexisting conditions (Dependent on provider)
- Certain mental &/or nervous disorders like alcoholism & drug abuse.
The average nursing home stay is between 2 and 2.5 years. The price of long term care insurance is impacted by the following:
- Current age
- Coverage options
- Coverage timeframe
- Coverage provider
Generally speaking, you can become eligible to start receiving benefits from your long term care insurance policy after you show signs of being incapable of handling 2 or more of what are referred to as daily living acts. Daily living acts include:
- Eating
- Cooking
- Cleaning
- Using the toilet
- Dressing yourself
- Moving from 1 location to another
- Lose voluntary control of urinary/fecal discharge
65 or older? Check out our : MEDICARE INFORMATION :
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