People are living longer than ever in today’s world. Although modern medicine allows people to live longer, it has still not found a way to ensure people stay just as healthy as they were in their younger years. Although living longer means that you have more time to spend with loved ones, it also means that you could become a burden to you family if they have to take care of you. Investing in long-term health care can help ensure that you are able to enjoy a long life without causing financial difficulty for your loved ones. It is important to invest in long-term care while you are younger in case you have to take care of yourself when nobody else is around.
Long-term care insurance can help spare your family the high costs of caring for you and it can also help to ensure that you do not drain your own bank account and having to rely fully on Medicaid. Although there are no out of pocket costs if you qualify for Medicaid, it does not offer the extensive coverage that many people need later in life.
Long-term care insurance starts helping when a person needs help with at least two daily activities, such as eating or dressing. For cognitive disabilities, a mental test is used to determine eligibility. Most insurance companies will pay a certain amount for the day to day costs of dealing with a disability, which could mean help at home or living in an assisted living home of your choosing. Most long-term care insurance plans have a waiting period before money can be paid out, usually 90 to 100 day. A more expensive plan will usually have a shorter waiting period.
Benefits are paid out after you are eligible for the specified term of the policy. If you live past the length of the term, you will have to find another way to pay for your help. The longer the term of the policy and the more money it promises to pay out, the more expensive the plan will be.
For the most comprehensive long-term insurance policy contact Lou Aggetta Insurance in Pleasant Hill to get a quote today.