Long-Term Care Insurance

What is Long Term Care Insurance

Long-term care is not something many want to consider or even talk about. Long-term care is costly and there are no economic resources to pay for it. Medicare and Social Security don’t fund it. No one funds it but you. If you get sick and need care, there is no protection for you. Moreover, if you have no savings to pay for it, the nursing home will take all of your money to pay for your care. They will control your bank account and you will live in the nursing home without a penny to your name. That is why Long-Term Care insurance is absolutely vital to your financial freedom during the autumn years. You must protect yourself and your finances.

I want Long-Term Care insurance but what does it cost?

If you wish to apply for Long-Term Care, then you need to seek out an insurance company that will cover you. The finances and expenses of Long-Term Care are as follows. For a couple, you are looking at anywhere for $3,000 to $5,000 per year in premiums if you buy a policy around age 55. This seems like a lot of money, but the coverage options are phenomenal and will protect your finances in the long run. For example, if you want to stay in your own home, you can Long-Term Care policies cover

– In-home care
– Nursing home care
– Home modifications (bathroom re-fitting or disabled ramps for your protection)
– Adult daycare (this will offer respite if you choose to stay in your own home and have a family member care for you.)
– Coordination of care

Long-Term Care insurance helps and offers protection to all of those you love. You do not want to be a financial burden to your spouse, family or children nor would you want to face financial ruin as a result of needing quality care that you need or may need in the future.

Consider the costs of not having Long Term Care insurance

Long Term Care without insurance costs about $6800 a month for a semiprivate room and about $8000 for a private room. If you have no savings and only a social security check, then you likely will not be able to find a nursing home to stay in at all. The average social security check is around $1600 a month. Without Long Term Care insurance, you won’t be able to live with the dignity and respect you deserve. Long Term Care insurance is a positive and wise move that all senior citizens should make.

Buy a Long-Term Care policy today

With all the facts and figures in this article, there should be no question in your mind that this is vital insurance and you need to buy a policy to protect yourself and your family. Buying this insurance will be the best and most positive move you have made towards the planning of your senior years. With long-term care insurance, you can rest easy and enjoy your retirement. Call an agent today, for the peace of mind you deserve.