McAfee Secure sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams

The Benefits of Long Time Care Insurance

The idea of long-term care, like life insurance and disability insurance, can be a very depressing subject. However, this is a very important issue to consider, and one that could potentially affect you and your family. An entire generation of Americans is now progressing from middle aged to senior aged. Working class children can’t always afford to open their own home up to them. The reason why could be due to any number of reasons; not only because it is a burden financially, but also due to the fact that these working family heads may not be able to take off work to devote time to their aging parents.

The average costs associated with long time care insurance can be startling. It is estimated that the average rate for a private room in a standard nursing home is about $180 a day, which becomes almost $66,000 a year. According to speculation published by Metropolitan Life Insurance Co. by the year 2021, that average price may increase well over 200%. That means an astronomical financial burden on the working sons and daughters who are trying to hold down a job while also attempting to play caretaker for their parent.

The idea of long time care insurance is starting to look very convenient right about now. Like life insurance and disability insurance, long time care insurance can provide nursing home assistance at some point in the future, while you pay premiums now. This type of long time care insurance policy can pay the cost of nursing home or assisted living facility care for a senior, a disabled person or someone suffering from a long-term illness. Depending on the policy you choose, you may have access to an assisted living facility (or adult daycare facility, which allows more freedom and less medical supervision) as well as a fully supervised nursing home or a private townhouse.

Unlike some forms of insurance though, like homeowner’s insurance, it is practically guaranteed that you will get the benefits you pay for, since most seniors will need assistance at some point between the ages of 65 and all the way up to 100 or beyond. (Yes, it happens!) What’s important to know about long time care insurance is that the risk for payout will increase as the policyholder grows older. Premiums will increase gradually, so you have to take this into account. Additionally, you have to exercise some caution when negotiating with long time care insurance agencies. Experts involved in senior care recommend that you take oral promises lightly, and instead adhere to what is explicitly written in the contract. It is also expressed that if you don’t understand certain details about the policy, then you should clarify it with the company or perhaps even talk to a lawyer.

At the same time, you have to consider the mental and emotional wellbeing of the parent or aging patient who will be placed in such a home. Nobody wants to end up financially dependent upon others; even worse, nobody wants to be left alone without anyone to take care of them. This is why younger seniors or even pre-seniors are looking into ordering long time care insurance on their own, sometimes years or decades in advance.

When shopping for a long time care insurance policy, be sure to read over the contract and not be pressured into signing a deal. Some agencies are shameless when it comes to playing upon the fears of seniors or their children, and may accentuate the benefits of the insurance while downplaying the exclusions—all of which will be very important when the time comes. Remember to also research the company very well to determine if they are in good financial shape and likely to stay in business for decades on end. For more information look up long time care insurance quotes online.

Payday Loans
Auto Loans
Debt Relief
Home Improvement
Home Loans
Home | F.A.Q. | Contact Us | Privacy Policy | Bookmark Us | Partnership ©, 2019. All Rights Reserved.