About 65% of seniors will need specialized long-term care in the future. This long-term care need applies to most seniors. Despite the awareness that many seniors will need long-term care, a few of these seniors take long-term care insurance advantage to minimize their care costs. Long-term care may be expensive, and not everyone can pay for long-term care with their out-of-pocket money. You need to note that your health insurance only covers the hospital and doctor bills and doesn’t cover your daily care expenses. You can cover long-term care needs with long-term care insurance. Below are 5 beneficial things to consider before getting a long-term insurance coverage 1. Long-term insurance coverage covers long-term care in various settings. The first misconception about long-term care is that it is received in a nursing home. A report shows that more than 70% of seniors receive long-term care at home, not in a nursing home or living facility. It would be best to have long-term care when you can no longer carry out basic activities such as eating and bathing. In this case, you need a health aide who can provide care in your home. It’s not appealing to think of long-term care need scenarios, but it is good to have long-term insurance coverage. You can easily receive care at home without visiting a nursing home. 2. Long-term care insurance coverage may fill caregiving gaps. You can not ascertain if your family will be able to pay your long-term care costs or care for you if you eventually need such care. Caregiving leads to a huge emotional and financial burden because most caregivers ultimately spend their retirement savings to cover long-term care costs. It may not be easy to access effective caregiving if your family can not combine caregiving with work or live far from you. 3. Long-term care insurance coverage is more than Medicare coverage Medicare only covers care received at home under limited conditions and doesn’t cover long-term needs. Unlike long-term care insurance coverage, Medicare will cover your nursing home care cost for about 100 days, during which you are recovering after staying in the hospital for a similar condition. Unlike long-term insurance coverage, Medicare will not cover additional healthcare costs if you need custodial or personal care. 4. There is a high chance you will need long-term care If you are 65 years old now, you are 70% more likely to need long-term care. You can not say if you will need long-term care or not since long-term care needs can be due to various reasons. If you are still healthy, it is better to get long-term care insurance coverage now than when you are old and ill. This is because getting insurance coverage becomes less affordable as you get older. Another benefit of getting the premium at a young age is the lower premium cost. The premium cost increases as you get older. 5. You may not have enough savings to pay for long-term care Depending on the type of long-term care you need, you may pay about $54,000 annually to receive care in an assisted living facility. If you are in a nursing home, you can pay $94,900 annually for your long-term care cost. Long-term care costs increase every year, and your entire retirement savings may not cover these massive costs. You may need to purchase long-term care insurance coverage because caregiving may not be easy for your family due to its financial and emotional burden. It is best to buy long-term care insurance coverage now due to the flexibility and accessibility of your retirement strategy.
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I have worked with Deloitte Partners, Directors and Principals for approximately 30 years, saving them considerable amounts of money on their Group Term Life Insurance Premiums. We have also addressed Long Term Care within Life Insurance and Fixed Index Annuities. The Annuities Guarantee fixed interest rates and Long Term Care doubling. Protected from any corrections in the stock market. Great for retirement planning.
