Long Term Care
What Is Long Term Care?
Long care is designed to provide assistance for the elderly, or someone who has a chronic medical condition that requires special and ongoing services to ensure that their needs are met.
Long term care may require visits or medical attention on a daily basis, and it can be done either in someone's home, or an assisted living facility. Since this care can be costly, many people look to health insurance to reduce their expenses.
Who Needs Long Term Care?
While health insurance will cover a wide range of medical problems and treatments from medical services to housing, many providers do not automatically include this type of care in their policies. As a result, you cannot assume that just because you have robust health insurance that long term care is also included.
Long Term Care Cost
The average annual cost for long term care is quite high. A private room in a nursing home may run you about $92,000 per year, and even at-home assisted living averages more than $43,000 per year. That's why long term care insurance is usually recommended, as it averages between $2,000 and $3,000 per year.
There are a number of health insurance companies that provide this type of care, so there's no set type of coverage. However, it generally includes things like the costs of staying in a nursing home or assisted living facility or having an individual come to a person's home to provide care.
How Much Does Long Term Care Cost?
The level of care required by an individual can vary wildly, and the costs of this type of care can vary significantly depending on the level of care someone needs. For instance, an individual who needs help getting dressed or cooking meals will often have costs far lower than someone who needs medical care or has severely limited mobility.
The level and flexibility of the coverage will also determine the cost, so make sure to check with your health insurance provider to see what long term care options are available to you.
Factors of Long Term Costs
Other factors that will determine the cost of your premiums are ones that normally affect insurance costs. They include your age, your overall health and how likely you may be to develop certain medical conditions. The length of your coverage and how much your policy will pay out for coverage per day will also affect your premiums.
How to Buy a Long Term Care Policy
Research the cost of long term care insurance in your area, and create a budget to determine how much you can afford to invest with your current income or retirement savings. The best time to apply is when you're in your mid-50s, but you can apply for this coverage at any time. Compare a range of options, and choose a plan that's suitable.
Types of Long Term Care
Some of the most common types of long term care are -- in order from most to least expensive:
- Nursing home care
- In-home health aide services
- Homemaker services
- Assisted living
- Adult day care
To determine the best type of long term care, it's important to assess the level of assistance that you require. You can talk to an experienced agent or broker 858-771-4087, or simply get information about options by entering your zip code here!