How Likely Am I To Need Long Term Care Insurance
Long term care insurance is becoming more and more necessary as baby boomers are reaching their golden years and people are living longer. What you want to know is how likely your are to need long term care insurance. This depends upon several factors specific to you, but there are statistics that can offer you an idea of how likely you are to require long term care services. You can then shop around for long term care insurance policies to see if they can provide the financial protection you need.
Long Term Care Insurance and the Likelihood of Needing Long Term CareOf those individuals over the age of 65, 70 percent will face the need for some form of long term care services. This could be home health care provided by a family member, or it could be care in the hands of a paid professional either at home or in a facility. Of those over the age of 65, 30 percent will require the services of a nursing home facility, which is the most expensive form of care and can quickly deplete even a considerable estate.
Long Term Care Insurance Protects from Expensive Long Term Care ServicesThe need for long term care insurance springs from the sometimes massive expense of long term care services. Home health care currently averages $20 per hour. Assisted living facilities and nursing homes can range from $20,000 a year up to and over $100,000 per year. Long term care services are usually needed anywhere from one to three years, so the costs can quickly mount to sums much more than your personal finances can handle if you do not have long term care insurance.
Qualifying for Long Term Care InsuranceNot everyone qualifies for long term care insurance. Depending upon the company offering the insurance, you may not qualify if you have:
Long term care insurance will cover long term care needed for these issues, but if you already have them, as in a pre-existing condition, you probably will not be able to purchase a policy. If you are already using long term care services or currently cannot perform certain activities of daily living, you will most likely not qualify for long term care insurance either.
Long Term Care Insurance PoliciesWhat a long term care insurance policy can do for you is pay for part of all of the expenses related to long term care. Most policies do not pay for all expenses, but there are a wide variety of plans and you can tailor the policy to suit your needs. The major elements of a long term care insurance policy include:
Online Quotes for Long Term Care InsuranceTo find out if long term care insurance is right for you, and how well it fits into your budget, take a few minutes to get online quotes. The online forms provide secrecy for your information and take only a few minutes to fill out. You will then have a group of quotes to compare rates to find out if the coverage is affordable and where you can find the best deal on a quality long term care insurance policy. |
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