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We
all know an elderly relative or family friend that has been
financially ruined by the costs of a disability or long lasting
illness – often an age related one. Long Term Care insurance is
designed to protect families from the high costs of home care, private
nurses and other related expenses brought on by an individual’s
inability to care for themselves.
Long-term
care refers to the many services including 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.
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.
Long-term care insurance typically covers the cost of:
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Help in
your home with daily activities like bathing, dressing, eating and
cleaning.
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Community programs, such as adult day care.
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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.
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Visiting nurses.
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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.
Call Bill DeWinter
- Toll Free:
1.888.665.7534
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