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Long Term Care Insurance Can Literally Help Save the Family Farm

 

The family farm, the family business, the family fortune; they are all potentially up for grabs if you do not plan for the future and consider long term care insurance. The need for long term care (LTC) is real and if it becomes necessary it can severely affect your finances and all that you have worked to build over the years.

 

Long Term Care Insurance Does Not Replace Health Insurance

There is a big misconception that if you do need LTC your health insurance plan will cover the bills. In some cases, you may get some short term care (usually 30 days) paid for by your health insurance, but extended care will not be covered under most health insurance plans. Yes, this does mean that you will be on the hook for the costs of long term care. Not only is it expensive, but the average need for LTC is around 3 years.

 

Long Term Care Insurance Covers All Types of LTC

There are several classifications of long term care. Nursing home care is the most intensive and the most expensive. There is also assisted living, which is less intensive care, but still requires lots of attention and can also hit the bank account rather hard. Adult day care is another option and allows you to stay at home and take daily trips to a facility. Home health care is the most preferable, because it allows you to stay in your home and the care comes to your home a specific number of days per week. The less intense and often the care, the less you will have to pay, but even home health care a few days per week can run into a substantial amount of money over the course of a year.

 

Long Term Care Insurance vs. the Cost of LTC

The scary thing is the cost of long term care. If a nursing home is needed, you will pay in the range of $60,000 to $100,000 a year depending upon the state and the specific facility. Even limited home health care, in which you receive care in your home a few days out of the week, can be expensive. The average cost is over $20 per hour and easily amounts to $15,000 or more during a year. Assisted living facilities range from $35,000 to $70,000 per year. Adult day care can be anywhere from $20,000 to $40,000 per year.

 

Consider Long Term Care Insurance Before it is too Late

The rates for long term care insurance are similar to those for life insurance in that they get higher as you get older and once you develop an illness or have risk factors, it becomes much more expensive and possibly even impossible to get. For this reason, you should consider a policy before it is too late. The recommendation is to purchase the policy in your 50's, around the age of 55. This will usually bring about the best balance between monthly cost and the length of time you will be making premium payments.

 

Compare Rates to Make Long Term Care Insurance Affordable

It is normal to be scared about adding another insurance expense to your budget, but when the time comes, long term care insurance can be affordable and certainly worth the expense if it must be used. LTC insurance quotes can be gotten that will allow you to compare the costs of different policies as well as compare companies. In only a few minutes you can find an affordable option for long term care insurance.

What Exactly is Long Term Care Insurance