Long Term Care Insurance Need
Many people don’t realize their need for long term care insurance. It is a common misunderstanding that health insurance or Medicaid will cover long term care expenses when you are older. This couldn’t be further from the truth, and the financial burden of long term care usually falls on the family.
Do I need long term care insurance? Do you need long term care insurance? Who really needs long term care insurance? The answer really is that almost everyone should have some form of long term care insurance protection in place. The need for long term care insurance can be great when a person reaches the age of 60 and so it is important to plan ahead and purchase long term care insurance before you need it.
Know that your long term care needs will be taken care of with a long term care insurance policy. Use our free LTC insurance quotes finder to compare long term care insurance policies now!
What Is Long Term Care Insurance?
Long term care insurance will help cover the costs associated with long term care. Someone who is in need of long term care can no longer physically take care of themselves and needs assistance performing daily living activities such as getting dressed, bathing, walking, etc.
When a person no longer has the physical ability to take care of themselves, he or she will need assistance usually in the form of one of the following:
- In Home Care
- Assisted Living Facility
- Nursing Home Care
- Adult Day Care
However, these are all very expensive options and are not affordable for most people to pay out of pocket. This is where long term care insurance can really help by removing a physical and financial burden of you or your family.
The Cost Of Long Term Care
The average costs for long term care in 2008 without long term care insurance are as follows:
- Around $200/day for a nursing home room
- Around $3,000/month for an Assisted Living Facility
- Around $30/hour for Home Health Care
- Around $60/day for Adult Day Care
Many people are relying on their health insurance policy or Medicare/Medicaid to pay for their long term care expenses. However, health insurance and government programs such as Medicare and Medicaid do not cover long term care expenses.
If you do not have long term care insurance, then you will have to pay out of pocket for long term care. Most often, when a person needs long term care but is without the proper insurance to pay for it, the financial burden falls on the family.
While no one would want to intentionally burden their family in this way, this is what often happens when no proper planning has taken place. Use our free LTC insurance quotes finder to find the long term care insurance policy you need today.
How To Find A Long Term Care Insurance Policy
Finding a long term care insurance policy does not have to be difficult. Shopping around and comparing quotes is the best way to find the LTC insurance policy you need at a price you can afford.
The best time to start looking for a long term care insurance policy is around age 40. As you get older, long term care insurance rates will go up. Purchasing a long term care insurance policy when you are younger will save you money in the long run.
Look after your long term care insurance needs by comparing quotes with our free LTC insurance quote finder. It is easy to use and only takes a few minutes. Find the long term care insurance policy you need today!