Getting older is an adventure, but it does not have to be navigated alone or unprepared for. Have you considered getting long-term care insurance, do you know where to start? Long-term care can be very costly, especially in-home health care. We hope that this article will help you prepare for the next stage of your life!
- What is long-term care insurance?
- This type of insurance reimburses policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating.
- How much does it cost? That depends on many factors including the following:
- How old you are when you purchase the policy (the sooner you buy the cheaper it is)
- The maximum amount the policy will pay per day
- The maximum number of days (years) the policy will pay
- The maximum amount per day times the number of days determines the lifetime maximum amount that the policy will pay
- Any additional benefits that you select increase the policy’s cost
- Keep in mind that if you are already in poor health or already receiving long-term care you may not qualify for long-term care insurance or the cost may increase due to either of these.
- https://www.nerdwallet.com/blog/insurance/long-term-care-insurance/
- https://www.aarp.org/caregiving/financial-legal/info-2018/long-term-care-insurance-fd.html
- https://www.investopedia.com/best-long-term-care-insurance-5070718
- https://www.fidelity.com/viewpoints/personal-finance/long-term-care-costs-options