1 out of every 2 people will need to have long term care at some point in their life. Long Term Care Insurance can help alleviate the costs when you are in need of long term care.
You must set up Long Term Care Insurance before you need it. Once you have been diagnosed with a long term care illness, you will not be able to qualify for the insurance. Obtaining this insurance is a preventative measure.
Most Long Term Insurances cover:
- nursing homes
- Alzheimer’s care
- personal care in your home
- assisted living facilities
- hospice care
- adult day care
- respite care
- home health care
Depending on the choices you make (such as the maximum amount the policy will pay per day in long term care, maximum amount of days it will cover, etc.) will depend on the cost of the premiums. Be sure to investigate the insurance company you decide to go with. It is a good idea is to check the company’s premium rate history. Many companies increase their premium rates regularly which can stick you with a high monthly cost. You may want to meet with a professional to help you choose the best plan for you.