Long term care insurance: The facts.
There’s no doubt about it: Americans are living longer. As the population gets older, healthcare costs are growing as demand for medical care increases. Even if you believe you’re invincible, there may come a point in your life when you need ongoing medical attention. If you have a disability or an extended illness, then nursing homes, assisted living facilities, and in-home care may become necessary expenses. Generally, they are not covered by health insurance policies. In order to have financial assistance with these costs, you must have long term care insurance.
What is long term care insurance?
Long term care insurance is a type of health coverage that works to cover your future costs if you need assistance or care due to an accident, injury, illness or age-related health issue. This policy can help you pay for nursing home care, an assisted living facility, at-home care, rehabilitation, and occupational therapy. Long term care is ideal for those heading into their later years, but also those of any age that are severely injured or develop a chronic condition. In short, long term care can be beneficial for most people.
Is it affordable?
The cost of long term care insurance will depend on your needs and coverage. Fortunately, long term care insurance can be tailored to you and there are plenty of ways to save money to make it more affordable. A few ways to do this are:
- Buy a joint policy with your spouse
- Choose a longer elimination period (this is the amount of time you must cover your own care costs before the coverage kicks in)
- Buy it before you need it – Buying it while you are healthy will help to lock in a good rate
If you are unsure about when to purchase long term care insurance, talk to the professionals at Lou Aggetta Insurance Services in Pleasant Hill. Our experts are ready and waiting to help you determine your needs and explain how a policy can protect your finances. Give us a call today to get started!