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Tennessee Long Term Care Insurance

 

Tennessee long term care insurance is a type of financial protection that is relatively cheap and can save you plenty of money in the long run. If you are unfamiliar with the concept of long term care insurance, take a few minutes to read over this article to see if it may benefit you.

 

What is Tennessee Long Term Care Insurance

Tennessee long term care insurance is a type of insurance that is designed to offset a portion or all of the costs associated with long term care. Long term care may be necessary if you become disabled and cannot perform, without help, the functions of everyday living.

Depending upon the severity of your disability you may need either long term care in a nursing home, assisted living facility or you may only require home health care. Many individuals rely on family and friends for this type of care, but it can become a strain on the caregiver.

 

Who Needs Tennessee Long Term Care Insurance

Tennessee long term care insurance offers benefits to anyone of any age if they become disabled. Most of those who require long term care, and thus can benefit from long term care insurance, are the elderly. However, anyone can become disabled and over 10 million Americans require long term care services of some sort each year. The majority is over the age of 65 and women are more likely to require long term care than men.

The most common time to purchase long term care insurance is between 50 and 55 years old. You can lock in rates at this age and avoid having to pay significantly higher premiums if you wait until you reach your 60's.

 

Tennessee Long Term Care Insurance Policy Elements

When examining a Tennessee long term care insurance policy there are several elements that are important to the function of the policy.

 

  • Activities of daily living: Activities such as eating and bathing that you do every day. Most policies require that you be unable to perform at least two activities before the policy is triggered.

 

  • Benefit period: The length of time your policy will pay for long term care services. A five year benefit period is ideal, though the average need for long term care is three years.

 

  • Daily benefit: The dollar amount your policy will pay out per day for long term care services. The average daily benefit amount is $150.

 

  • Inflation protection: A common rider on long term care insurance policies that increase the daily benefit each year to keep up with inflation.

 

  • Waiting (Elimination) period: The period of time that must elapse between the time long term care services are approved and the policy will begin paying for care. Purchase a policy with a 30-day period for better coverage or go for a 90-day period to save money on premiums.

 

Tennessee Long Term Care Insurance and the Cost of Long Term Care

Long term care is not cheap. It also can go on for years. Over that time, your finances, including your retirement and assets can be sucked dry. Currently, you can expect to pay the following in the state of Tennessee for long term care.

 

  • Home care: $16 per hour
  • Assisted living facility: $91 per day
  • Nursing home care: $183 per day

 

If you require nursing home care with your own room, you will pay over $70,000 per year. These costs are expected to rise between 5 and 10 percent each year. This is a good reason to add the inflation rider onto your Tennessee long term care insurance policy. If you don't, your policy could be obsolete at the time you need it most.

 

Tennessee Long Term Care Insurance Online Rate Quotes

To reduce costs and to get the type of policy you need, you should take advantage of the benefits provided by long term care insurance quotes. These quotes can be gotten online in only 15 minutes and can save you lots of hassle and money in the long run.

Tennessee long term care insurance online rate quotes allow you to compare long term care insurance policies and companies side by side to get the best deal possible. It is the smartest step you can take to protect your estate.

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