Long Term
Care
Long-term care refers to the many services
beyond medical care and nursing care used by people who have
disabilities or chronic (long-lasting) illnesses. Long-term
care insurance helps you pay for these services, which can
be very expensive. A policy also ensures that you can make
your own choices about what long-term care services you
receive and where you receive them.
Ordinary health
insurance won't cover it.
People are living longer and
longer these days. That's good news, but the flip side of
that is there are more years in which there's a risk of
serious health problems. And that could literally cost all
of your remaining life's savings. Unfortunately, ordinary
health insurance policies and Medicare usually do not pay
for long-term care expenses. Medicaid, a federal/state
health insurance program, will only pay for long-term care
if you've already spent most of your savings or other
assets. So, there's long-term care
insurance.
Long-term care insurance typically covers the
cost of:
Help in your home with daily activities like
bathing, dressing, eating and cleaning.
Community
programs, such as adult day care.
Assisted living
services that are provided in a special residential setting
other than your own home. These services may include meals,
health monitoring, and help with daily
activities.
Visiting nurses.
Care in a nursing
home.
When is the right time to buy a
policy?
Many people don't think about long-term
care until they get into their 70s and 80s and their health
begins to fail. At these ages, you may be too high a risk
for an insurer to cover you; or if you do qualify, the
premiums can be astronomical. In fact, some long-term care
policies have restrictions on age and health
status.
The best time to buy long-term care insurance
may be middle-age. It's the time when you have the highest
likelihood of being eligible for a policy and, just as
important, when premiums costs might be
lower.
Is a policy right for
you?
Long-term care insurance is probably not
for everyone, but—with soaring health care costs, insurers
increasingly restricting coverage and eligibility, and
people's need to stretch retirement savings through more
years—it's a good idea to consider it seriously. Your goals
should be to protect your assets, minimize your dependence
on other family members, and control where and how you
receive long-term care
services.
On the other hand, consider the cost.
Long-term care insurance is expensive. An individual who's
65 years old and in good health can expect to pay between
$2,000 and $3,000 a year for a policy that covers nursing
home care and home care, with premiums adjusted for
inflation. You may not want to buy a policy if the cost of
premiums will lower your standard of living or force you to
give up other things you need right now. And look ahead, as
well. Be sure you'll be able to afford the premiums if your
income declines.
For a no obligation consultation
contact us and we will provide one of our specialist to
assist
you.
United Financial
Group
(888) 201-1533 - Main
(334)
651-0345 - Fax
Customerservice@unitedfinancialgroup.info
