What are my chances of needing care?
If you are over the age of 65, your chances of needing some type of long term care services are relatively high, like 63% high. It is also important to note that, long term care differs from the type of care that would be typically covered by your healthcare insurance. For these types of services which your heath insurance policy will not cover, you have the option of long term care insurance. Your long term care insurance will extend to cover your specific level of needs whether that be, personal in home care, community care, or facility care. Your future level of care will vary from person to person, but based upon your individual policy, you can expect a daily reimbursement amount to help cover your cost of care , when insured for long term care. These daily living activities usually range from getting dressed, bathing, preparing a meal, or transportation but can even extend to light house keeping, grocery shopping, and more!
Long term care insurance
Your individual long term care policy should be personalized to you and will consider factors such as age, maximum daily pay per day and maximum number of days for policy payout. This maximum amount of daily payout multiplied by the max payout period, will then equate your maximum lifetime benefit amount. When obtaining this kind of insurance you will want to do so not when you are already in need of this care but before. The best time to purchase long term care insurance is when you are in decent health. The reason is you will need to posses overall good health to be approved for a policy. Sometimes declining health can lead to a decline or not qualifying for Long Term Care insurance. Long Term Care insurance will cover you in places like in home care, at a nursing facility, assisted living facilities, hospice care facilities, Alzheimer’s care facilities, or adult care facilities. When it comes to in home care LTC will generally cover skilled nursing care, occupational, physical, speech and rehabilitation therapy as well as help with any personal care needs. It’s important to research the best option for you or a loved one that is considering purchasing Long Term Care Insurance. Plan ahead and find out what the options are.
A great place to start
A great place to start us by asking yourself some of these questions to determine whether long term care insurance is right for you;
- -Are you close to retirement?
- -How do you plan to pay for any future long Term Care costs?
- -Would you need to stay at a assisted living facility?
It is also helpful to be aware of your family health history as well as any underlying problems, conditions, and genetic variables. If you are not currently familiar with your family health this may be a great time to start investigating the subject. Be sure to consider common factors which can play a role on your health profile such as; gender, obesity, injuries, and eating habits.
If you or someone you love is interested in Long Term Care or Long Term Care Insurance be sure to visit: LTC TREE for more information.