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long term care insurance
If the time comes in which you require some kind of long term nursing care or supervision, will you be able to afford it?
What is Long Term Care?
- Coverage for cognitive impairments such as Alzheimer's/dementia. (Any condition under which you are no longer capable of taking care of yourself on a day-by-day basis)
- Skilled nursing care or rehabilitation training either in a nursing facility or at home.
- Coverage for daily care ranging from eating & moving, to bathing & dressing.
Who Pays for Long Term Care?
- Health Insurance & supplemental programs such as Medicaid & Medicare DO NOT cover any kind of nursing home care. (This is a common misconception)
- Individuals pay most of long term care costs through their savings, assets & cash.
Are you aware that over 40% of all Americans aged 65 or older will need to spend some time in a nursing facility due to some form of prolonged illness or disability? Currently, 1 year in a nursing home is estimated to cost somewhere between $36,000 & $60,000, with a national average of $41,000. There are some people who think that Medicare/Medicaid/Health Insurance offers enough coverage to provide for long term care, however, these people are unaware of the fact that Medicaid is nothing more than a welfare program, and that even the combination of health care & Medicare only pays about 3% of the costs that are associated with long term care.
The cost of long term care insurance is affected by:
- Current age
- Coverage options
- Coverage timeframe
- Coverage provider
Long term care insurance policies can end up being costing you a great deal of money. The average costs associated with long term care for a married couple aged 65 or older is approximately $7,000 per year. Keep in mind is that you should try to avoid policies that have premiums that exceed 5% - 7% of your yearly income.
Generally speaking (for those with long term care insurance policies), you can become eligible for long term care benefits after having shows signs of being incapable of handling 2 (+) of the following simple daily living activities:
- Eating
- Cooking
- Cleaning
- Using the toilet
- Dressing yourself
- Moving from one location to another (on a small scale. I.E, climbing stairs or standing up/sitting down)
- Lose voluntary control over urinary and fecal discharge.
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Take a look at some example LIFE INSURANCE QUOTES
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