It may be hard to imagine now, but there is a possibility that you need help later in life to take care of yourself. The big question is: how are you going to pay?
Long-term care refers to a variety of services that are not covered by regular health insurance. This includes support for everyday activities such as washing, dressing, or getting up and going to bed.
Long-term care insurance covers the costs of this care if you have a chronic illness, disability, or disorder such as Alzheimer’s disease. Most policies will reimburse you for care provided in different locations, such as:
- Your house
- An infirmary
- An assisted living centre
- An adult daycare center.
Taking into account the cost of long-term care is an important part of a long-term financial plan, especially in the 1950s and beyond. Waiting for attention before buying a blanket is not an option. You are not entitled to long-term care insurance if you already have a debilitating disease. Most people who buy long-term care insurance buy it between the ages of fifty and sixty.
Reason for Long Term Insurance
- To protect savings: Maintenance costs can quickly exhaust a pension nest. The average cost of care in a semi-private nursing home is $ 89,297 per year, according to the 2018 Genworth Cost of Care Survey.
- To give you more health options: The more money you can spend, the better the quality of care you can get. If you have to rely on Medicaid, your options are limited to nursing homes that accept payments from government programs. Medicaid does not pay for assisted living in many countries.
How to buy long-term health insurance
You can buy directly from an insurance company or through a representative.
You can also take out nursing care insurance at work. Some employers offer the option of buying coverage from their brokers at group prices. When you buy a blanket this way, you usually have to answer some health questions. However, it may be easier to qualify than if you bought it yourself.
Receive offers from multiple companies for the same coverage to compare prices. This also applies if you are offered an agreement at work. Despite the reduction of the group, you can find better prices in other places.
The American Nursing Insurance Association recommends that you work with an experienced nursing insurance agent who can sell products from at least three companies.
In its price comparison for 2019, the association found that the rates from the insurer to the insurer were very different.