Long Term Care

Long Term Care Insurance Policies

Chicago Insurance Advisors

Thanks to medical advancements, people live longer than ever. As the population ages, more people require nursing home or assisted-living care. The growing popularity of long-term care insurance is because more families need it now. Medicare pays for short-term stays, but it is not sufficient for long term care. Some jobs now offer long-term care insurance as part of the employee's benefits package.

One major advantage of long-term care insurance is the rates. The rates are fixed at the start of the policy, and premiums are not due while receiving long-term care. Long-term care insurance is comprehensive, which means it covers almost all expenses. It generally covers nursing homes and assisted-living facilities, along with hospice and respite care. In-home care is also covered, so is private nursing and physical therapy. Adult day care and care for Alzheimer's patients is included as well.

The cost of long-term care insurance varies, and depends on factors such as where you live, age and current physical/mental health. The younger and healthier you are, the less it costs. Most policies are $1,500-$4,000 per year.

Some insurance companies offer insurance discounts for those in good health when they purchase their policies. According to the American Association for Long-Term Care Insurance, more than 60 percent of people aged 40-49 receive discounts. Some people are turned down because of poor health or age. Fewer than 25 percent of applicants were turned down in 2012 when seeking coverage.

Long-term care insurance really helps reduce expenses, and provides good care.

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