Long Term Care Insurance for Seniors

Long-Term Care Insurance for Seniors:

To cover the potential of the high costs of long-term care, many older people are considering taking out long-term care insurance. Long-term care insurance is not cheap but it can save your life. To begin your research on long-term care policy, you can refer to Consumer Reports' analysis of long-term care policy options and criteria to determine which option is right for you.

What is long-term care insurance for the elderly?

The long-term care insurance for the elderly covers services for people who can not take care of themselves because of prolonged illness, degenerative condition, disability, illness or illness. Alzheimer's or a similar disorder. As a general rule, long-term care insurance covers home care or personal home care, as well as specialized nursing care or home rehabilitation, in a nursing home or with assistance.
Long-term care insurance can cost anywhere from a few hundred dollars a year to more than $ 20,000 a year, depending on the type of coverage you have, your age and your health at the time of purchase.

When should you buy long-term care insurance for seniors?

Many insurance companies recommend taking out a long-term care policy at any time after the age of 50. Consumer Reports suggests waiting until age 66 unless you have a chronic illness or a history of illness in your family. After age 66, long-term care premiums are higher and you run the risk of not taking the medical tests. Once you have been diagnosed with a critical illness that may require long-term care, you will no longer be able to purchase a long-term care insurance policy.

Who should take out long-term care insurance?

Anyone who is currently in good health and wants to protect their assets and does not have enough savings to cover the costs of long-term care should consider buying a long-term care policy.
Once you buy a policy, the rate is usually locked for the duration of the policy and the policy is generally valid as long as you pay the premiums.

What should I consider when choosing a long-term care insurance policy?

Look for stable insurers who have long been in the long-term care insurance business. Look carefully at the coverage offered by the insurer. Long-term care policies may have many exclusions and requirements that make it difficult to obtain coverage when you make a claim. Some of the cheaper fonts may not cover more than what you qualify for with Medicaid.

Some of the features you may want to consider include:

• Look for a flexible policy that covers other care plans, including home care, not just nursing home care.
• Make sure there are no excluded diseases such as Alzheimer's disease or Parkinson's disease.
• Determine the maximum amount the contract will pay per day and how it will be calculated.
• Determine the length of the benefit period that you can afford. The average stay in a retirement home is 2.6 years. You can usually choose a benefit period from 3 years to an unlimited number of years. The longer the benefit period, the higher the premium you can expect to pay.
• Choose the time period in which you want payments to begin once you are eligible. Usually, the waiting time is between zero and ninety days.
• Remember to add an inflation adjustment to your policy Inflation adjustments are expensive, but it's good to have them if you can afford to add one to your policy.

How to evaluate which insurance company to choose?:

Because you may not need your long-term care policy for years after the purchase of the policy, the most important choice you make is choosing a stable business that is ready to grow. police when you will need insurance. Examine the financial strength of the company and its rating with the major rating services.