If you’re interested in learning more about long term care insurance, you’ve come to the right place! There are plenty of articles out there that tell you how to get it and why you need it, but most of them talk about the same thing; what long term care insurance is, and how much it costs. What if you already know those two things? Don’t worry! Here are five helpful tips on what to do if you have long term care insurance and are thinking about using it!
1-What is long term care insurance?
2-Why do you need long-term care?
3-How does it work
What Does Long Term Care Insurance Cover?
In general, all long term care policies provide three kinds of benefits: nursing home coverage, assisted living coverage, and in-home services coverage. Some policies may offer optional extra coverage such as home health aid services and adult daycare. In addition to covering necessary medical costs like physical therapy and prescription drugs (as opposed to discretionary cosmetic surgery), long term care policies also cover a portion of your living expenses while receiving institutionalized care—commonly 70 percent up to a certain daily maximum benefit amount. This means you would only have to come up with 30 percent of your covered stay yourself. The average daily cost at a nursing home varies by state but tends to range from $100-$200 per day depending on where you live and what kind of care you need. A typical policy will cost anywhere from 2-3x monthly rent so plan accordingly if you think using long term care services is in your future.
4-When should you buy it?
The idea of needing long-term care can be a frightening one. So, it makes sense that most people have a lot of questions when it comes to long-term care insurance. A good time to consider purchasing long-term care insurance would be when you’re reviewing your health and life insurance coverage. But don’t wait too long or else you may be stuck with fewer options and higher costs.
5-Who are the insurers
Once you’ve narrowed down your needs and wants, it’s time to select a provider. This should be based on your personal preferences for coverage levels and price. Remember, there are plenty of plans out there that will offer more coverage than you need at a higher cost than you can afford. The key is finding something that fits into your budget—and still gives you peace of mind.