Assisted living is a nice alternative to a nursing home but can be costly. Whether you are planning for yourself or an aging parent, financial planners are stressing the importance of long term care insurance to help protect retirement savings and other assets. This insurance can also help keep you or your loved in the home.
Since nobody can predict whether you will need long-term care, and the costs could completely wipe out everything you've saved for retirement, some sort of financial protection can really give you peace of mind. Long term care insurance covers skilled, intermediate, and custodial care in nursing homes, plus home care services including nursing care, physical therapy, homemakers, and home health aides.
At the very least, you should get some quotes on the costs of long-term care insurance. Rates can vary between companies so try to get at least three quotes. And keep in mind that rates increase as you get older, so the sooner the better. Rates are also determined by your current health and the benefits you choose.
With long term health insurance, you can choose different benefit amounts based on what you might think you need. This is usually a per-day amount such as $30, $100 or $300. Of course the higher the benefit amount, the higher your premium. You can also choose a waiting period. This is the amount of time that elapses after you need long term care, to when the benefits start.
There are several ways you can get quotes. One of the most convenient ways is from the privacy of your computer. You can find different long-term care insurance companies online and request quotes. Or, you can go to an insurance comparison Web site where you enter your information once and receive several quotes back.
Take your time to review each quote, comparing costs and benefits carefully. Ask questions of the agent or company representative. Once you've found a quote you like and are ready to purchase this coverage, be sure you understand what you are buying before signing.
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