What You Should Know About Long Term Care Insurance

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Although many people realize that they need long term care insurance, they don’t know some of the basics associated with the coverage itself. For many people, one of the biggest questions is whether or not long term care insurance is even the right option for them. Long term care insurance tends to be a reasonable choice if you believe that you will need expensive forms of ongoing care in the future. If you can afford to pay the premiums, this is an option that is truly worth the investment.

Insurance can be a good idea if your family isn’t in circumstances where they will be able to help out financially or otherwise with your care. It’s also a good option if you have a family history of chronic conditions, you can deal with a premium increase over a period of time, you have personal risk factors, and you can afford coverage without getting into debt. However, this would be a less reasonable option if you have income and assets that are low enough to qualify you for Medicaid coverage instead. If you’re a veteran and can receive VA assistance or you have enough money that will be able to cover your long term care, then having this type of long term care insurance may be less important.

Long term care tends to different from traditional medical care and healthcare in the sense that the goal is to adapt your lifestyle to meet the demands of your condition. There’s less of a focus on curing your condition because generally you make use of long term care when you are aging or when you’re dealing with a condition that typically does not have a traditional cure. Long term care focuses on helping individuals to be able to handle basic tasks like personal care, household care, and getting around. The services tend to be expensive depending on the care options that are chosen. Although it can be more affordable for family members to take care of the aging or ailing individual, this can provide more of an emotional strain that the family isn’t prepared for.

The best time to buy long term care insurance is between the ages of 55 and 64. Premiums tend to rise as the individual ages. AARP estimated at the average yearly premium for ages 70-74 reached $3,421 in 2012. However, healthcare costs are continuing to rise on a daily basis. The median cost for a private nursing home is nearly $84,000 currently. People are living longer than they used to and they are experiencing more conditions such as dementia, which often require professional care. As a result, the amount of money that you invest into long term care insurance coverage is truly worth every penny. Without this type of coverage, it can be very difficult to be able to afford the typical elements of care that most people need in their old age in our decade.