Long Term Care Insurance

Approximately 40 percent of the 65-and-over population will eventually need long-term care, with an average nursing home stay of 2.5 years at a cost averaging from $50,000-$75,000 annually.
A Long Term Care policy can often mean the difference between living with dignity or living in poverty. If you are unfortunate enough to become afflicted with a chronic disease that robs you of you ability to function normally, your assets could be wiped out in a very short period of time if you have to pay for your care out of your pocket.
This insurance must be purchased prior to needing Long Term Care. The eligibility for the insurance is based on your current health. Therefore if you are already ill, you probably will not be insurable.
While it is often recommended that LTC insurance be purchased in your late 50's or early 60's, you may purchase it at earlier ages. In this range, however the cost is usually still affordable provided your health is still good. The premiums are based on your age, health, amount of benefit and the type of plan that you purchase.

LTC Insurance Benefit Considerations
When purchasing LTC Insurance you must make three main decisions:

• Daily Benefit - the amount of money you will receive from the insurance company on a daily basis for your care. You can usually select between $50 and $300 per day. Find out what the current cost of care is in your area and it will help you decide what daily benefit you want.
• Benefit Period - the length of time you will receive payments from the insurance company once you need care. You can usually select a specific number of years (2,3,4,5, etc.) or a lifetime benefit. The average length of stay in a nursing home is 2 1/2 to 3 years.
• Elimination Period (deductible) - the number of days that you will be responsible for paying for your care before the insurance begins to pay. This works like most insurance deductibles except it is stated in a number of days instead of dollars. Most plans have a variety of options like 30 days or 90 days. Be sure to check if this deductible is once in a lifetime or if it can repeat if you suffer more than one long term care event. These are simply the basics of Long Term Care insurance. We will design a policy that fits your needs, desires and budget.