Long Term Care Insurance Policies
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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