November is long-term awareness care (LTC) months. If you've never considered care insurance, take time now to go through the facts and consider these tips.
care insurance is not as expensive as you might think. Today, LTC providers are doing everything possible to make affordable LTC insurance. They come with a number of practical offerings such as:
- Adding a driver SLD to your life insurance policy. Your life insurance policy will cover the LTC expenses if you need, and it will be deducted from your final death benefits.
- Married couples with separate policies can share a plan. When a spouse dies without using LTC benefits, these benefits go to the surviving spouse.
The LTC costs are great. If you need long term care costs are significant and could quickly eat your savings. Did you know that the average cost of being in a nursing home is more than $ 80,000 per year and hiring a home health aide under license is about $ 20 an hour?
Medicare and Medicaid can not cover the cost of LTC. You must qualify to be eligible for Medicaid - it is only available to persons whose assets fall below a certain support. Medicare only covers skilled care. Your insurance does not cover the costs of long term care.
Your family may not be able to provide long-term care. Many families are strapped for cash and can take on the part of the caregiver. This can be extremely taxing, especially if it is done for a long period of time. There are cases, too, when the family may not be available due to work or other commitments that have taken them far from home. For these and other reasons, it makes sense to consider putting a LTC policy in place now.
The longevity is increasing and so is the number of chronic diseases. People are living longer these days. In 2010, the number of people aged 65 and over accounted for 13 percent of the population of the United States. This should increase to 20 percent by the year 2020.
According to the Home Survey, the number of people aged 65 and over living in nursing homes in 04 was 1 3 million national nursing. The number of people in need of home health care in 04 was 1 million. These figures should continue to grow.
consider carefully the exclusion period. Many people choose the 0-day exclusion rule that qualifies you for a cheaper policy. Statistics show that 70 percent of those living in nursing homes were evacuated within 0 days. If your exclusion period is 0 days, you will be eligible for benefits if your stay is over 0 days.
The best time to buy is about 55 years . This is the time when you can fairly evaluate your property that you look forward to retirement. Ultimately, you need to find an affordable policy that works for your health profile. If you have a family history of diseases related to age, you may want to consider increasing your maximum daily benefit (MDB). If you need help in choosing the right policy for your needs, go ahead and contact us at AccuQuote. One of our impartial advisors can guide you in this important decision.
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