What Is Long Term Care Insurance?
A long term care insurance policy, also known as LTC Insurance, helps you with the costs associated with long-term care for either a short or long period of time.
When you can no longer perform 2 of the 6 activities of daily living, a long-term care insurance plan can assist you with the costs of living more independently or even outliving your savings.
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How Much Does Long Term Care Insurance Cost?
The average cost of long term care insurance is $2,007 per year which comes out to $167 per month according to recent industry research.
How Can I Get A Long Term Care Insurance Quote Online?
So, what factors determine the average cost of long term care insurance?
Your Age & Health - The older you get and the more health issues you have, the more you will pay for coverage. Buying young gives you the most savings when it comes to premiums.
Gender - Since women live longer than men they will usually pay more than men. Living longer means a higher possibility of filing an insurance claim.
The Insurance Company - Each insurance company has their own rates and underwriting guidelines making it essential that you compare quotes from multiple carriers.
Coverage Amount - The more coverage you have, the higher the cost of your policy. If you want higher limits on the daily and lifetime benefits or a shorter elimination period; it's going to cost you.
Marital Status - Married couples get lower premiums when it comes to long-term care insurance. If you are married you should defiantly be considering long term care coverage.
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How Does Long Term Care Insurance Work?
If you can't perform 2 of the 6 activities of daily living, a long-term care insurance policy will pay for care. The 6 activities of daily living (ADLs) are bathing, dressing, eating, continence, transferring and toileting. Below we cover the steps to obtaining a LTC policy.
Pick Your Options - Your first step is to determine how much coverage you will need, how long your elimination period should be, and how long you would like to have your policy.
Make Payments - Once your policy has been approved you will need to make monthly payments on your policy to keep it in-force.
File A Claim - You can file a claim online via the online portal of your insurance company or reach out to them via phone or email for reimbursements.
What Is The Best Age To Buy Long Term Care Insurance?
Between The Ages Of 49 - 59
The best age to purchase long term care insurance is between the ages of 49-59. The probability of you needing long term care will increase as you age and so will the premiums until you get a policy. It's much more affordable if you buy at a younger age.
Who Needs Long Term Care Insurance Protection?
With more than 95% of all LTC claims filed being for people over the age of 70, someone turning 50 years old should be looking into buying a long term care insurance policy. Some 70% of people over the age of 65 will need long-term care at some point in their lives. Which means you need to be covered no later than your mid 50's.
Who Should Buy Long-Term Care Insurance?
Someone who wants stay in their home - If you would prefer to stay living in your home as you get older then having coverage is essential. More than 90% of people choose their home as where they want to receive long term care.
Someone who values time with family - On average families visit their family members in a nursing home 6 times per month. During that time they only stay for about 1.5 hours. If your family is essential then you need coverage.
To protect retirement savings - Long-term care can easily cost over $100,000 per year. This would eat your savings up very fast, with the help of a ltci policy you would be able to protect your savings.
LONG-TERM CARE INSURANCE WHERE YOU LIVE
LTC insurance by state.
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What Does Long Term Care Insurance Cover?
Does Long Term Care Insurance Cover Assisted Living?
Yes, long term care insurance does cover the cost of assisted living facilities. Usually an insurance company will require the facility to be accredited. Along with covering costs of an assisted living facility, long-term care insurance will also cover:
Home Healthcare
Home healthcare is one of the most preferred types of long term care. This is because health care is provided by a professional caregiver in the home of the patient instead of a nursing facility.
Nursing Home Costs
Long-term care insurance helps individuals pay for a nursing home. This could include the cost of a private or semi-private room.
Adult Daycare
Adult Daycare can be a great alternative to a nursing home and is another cost that long-term care insurance helps pay for.
Home Modifications
While you might not be ready for home healthcare, you may need some modifications to your home to make living there easier. A LTCI policy can help you with those costs.
Care Coordination
In plain English, care coordination is when people plan out patient care activities and share information between everyone concerned with a patient's care to accomplish more effective care.
What Does Long Term Care Insurance NOT Cover?
Long term care will not cover pre-existing conditions during a specific exclusion period. This period can last for several months after you purchase your policy. This policy also won't pay family members that provide in-home care. Finally, it won’t cover medical care costs.
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How To Buy Long Term Care Insurance Online
Get Some Quotes - Don't be shy, click through to get some immediate quotes for long-term care insurance. You even have the option to work one on one with a lcti specialist.
Apply For A Policy - Once you have viewed the quotes you can apply online for coverage. The application process is fast and can usually be done in one sitting.
You're Covered - Within a few days of your application you will have an approval, at that point all you need to do is pay for your policy and you're covered.
Frequently Asked Questions
What is the average cost of long term care insurance premiums?
The average cost of long term care insurance is $2,700 per year according to recent industry research. This means coverage won't be easy to afford for most Americans.
What is the best age to purchase long term care insurance?
The best age to purchase long term care insurance is before you are 65 years old. The probability of you needing long term care will increase as you age and so will the premiums. It's much more affordable if you buy at a younger age.
How much does long term care insurance cost for a 70 year old?
Long term care insurance for a 70 year old could cost around $7,000 per year. The rates will vary depending on what state you live in; however, the above rates are based on an average annual cost.