Affordable Long Term Care Insurance
It is important to shop around to find the most affordable long term care insurance. Long term care insurance is something that every person nearing 40 needs to consider. While no one likes to think about aging, it will happen regardless. Planning ahead will make getting older that much easier for you and your loved ones.
Long term care insurance can let you feel confident that you will be well taken care of when you are older without placing a physical or financial burden on your family and loved ones.
Who Needs Long Term Care Insurance?
While age is not a factor when determining the need for long term care, statistics show that around 60% of people over the age of 65 will need long term care. People who need long term care cannot perform basic daily living activities on their own, like dressing, eating, bathing, and getting out of bed.
What Does Long Term Care Insurance Cover?
Long term care insurance will help cover the costs of long term care including:
- Assisted Living Facilities
- Nursing Homes
- In Home Care
- Adult Daycare
You may be counting on your health care plan or Medicare to help you with these expenses. But more often than not, the types of expenses that arise involving long term care are not covered by health insurance or Medicare. This places the financial burden on you and your family.
What Does Long Term Care Cost?
Long term care is very expensive and most people would find it difficult or next to impossible to pay for it out of pocket. Some long term care insurance costs in the United States for 2008 include:
- Around $60/day for Adult Day Care
- Over $200/day for a private nursing home room
- Around $3,000/month for an Assisted Living Facility
While long term care costs are not affordable as out of pocket expenses for most people, they can be made affordable with long term care insurance. Long term care insurance, depending on your policy, can cover most or all of your long term care expenses.
Finding An Affordable Long Term Care Insurance Policy
Finding an affordable long term care insurance policy does not have to be a difficult task. Shopping around is the most effective way to find the affordable LTC insurance policy that you need.
Also, finding a policy sooner rather than later can help you save money on your long term care insurance. One of the main determining factors to deciding your long term care insurance rate is your age. The older a person gets, the more expensive their long term care insurance policy will be.
Experts recommend that people begin considering a long term care insurance around the age of 40. This is the most cost effective age to buy a long term care insurance policy. While you most likely won’t need the policy for many years to come, buying young is the best way to get the affordable long term care insurance policy that you need.
Find Affordable Long Term Care Insurance Quotes Today!
Get started finding your affordable long term care insurance policy now with our free long term care insurance quote finder. Compare your long term care insurance policy options from top companies side by side! Find the LTC insurance policy you need today!