Long-Term Care insurance is not just for the elderly or “nursing” home insurance. Thirty years ago things were different and long-term care insurance was purchased as nursing home insurance.
Today, more benefits are paid to clients who are still living and functioning in their own homes. A recent study by the American association for Long-Term Care insurance shows that more than 180,000 people received claim benefits last year from their LTC insurance policies. Just because you may need help with some of your daily activities, doesn’t mean that you no longer can enjoy a movie, going out to dinner or having your family over for a “get-together.”
Long-term care insurance needs a closer look because you need to manage the financial risk of needing long-term care. The truth of the matter is not “if” you are going to need long-term care, but when and for how long? Millions of working adults have experience dramatic declines in their retirement savings. Long-term care is one of biggest financial risks you will have as you age. Long-term care insurance will help cover this risk.
When looking into long-term care insurance, it is important to consult with an independent long-term care specialist. A long-term care specialist who represents the top carriers with good ratings will show no bias toward one carrier or another.
During your consultation, you will learn about Partnership plans (if they are available in your State), individual plans and group plans. You will learn that the most important factor in getting long-term care insurance is your health rating.
Long-Term Care insurance premiums are based on your Age, Health, Marital or partner status and the benefits that you choose. Health is a major factor that helps you purchase long-term care insurance. Without good health, no money can buy this insurance and you will be in the situation of coming up with the money on your own.