LONG TERM CARE (LTC) INSURANCE
Products for healthy, ill or people already in a facility
Don't spend your life savings on Long Term Care. No one wants to consider needing Long Term Care, especially while you are still healthy and working. Yet, currently, 40% of Americans receiving Long Term Care are under age 65 (National Underwriter, Dec. 7. 1998).
Let yourself consider whether Long Term Care protection might be right for you. Consider these statistics:
It is projected that nearly 50% of all Americans will need Long Term Care in their lifetimes (PR Newswire, Dec 9, 1998).
Should you or someone you love need a nursing home, the average cost per year is $46,000. Home care can cost $12,000 or more per year (HIAA, Guide to Long Term Care insurance, 1999).
The current length of need for long term care is an average of 2.4 years.
When considering whether Long Term Care Insurance might be right for you or a loved one, you will want to consider whether affording these types of care facilities is in your financial plan. My independent agent status allows me to represent many insurers who offer reasonable plans to cover nursing home care, professional day care, and assisted living care. Long Term Care insurance allows you to purchase your care at a cost of pennies on the dollar- usually a wise investment.
Some key things to consider in a Long Term Care Policy:
- Is the policy "qualified" under the health Insurance Portability Act of 1996?
- Is the policy guaranteed for Life?
- How long is the waiting period before benefits begin?
- Is home health care, skilled, intermediate and custodial care covered?
- is hospitalization required before benefits can begin?
- What must occur for benefit payments to begin?
- How much are the daily benefits for Home Health and Nursing Home Care?
- Can I get an inflation clause?
- For how many years will the policy pay benefits?
- How does the company pay benefits?
- Are there protections against policy lapses and reinstatements?
- Learn abou the company you are considering buying from- how long have they offered LTC insurance, what is their financial strength/rating?
- Ask for a sample copy of the contract.
If you are not sure whether this form of protection might be right for you,
Call Today 214.803.3797 or
email skovich@sarahkovich.com to learn more about Long Term Care Insurance options.
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