The economic impact of long-term health care is dramatic. More and more people are addressing the financial costs and burdens of aging. They understand how these costs will impact their future retirement savings and lifestyle.
The LTC NEWS Cost of Care Calculator shows the financial impact of all types of long-term care services. While nursing home use continues to decline, it remains the most expensive, averaging nationally over $100,000 a year. That doesn't mean assisted living and in-home care costs are cheap. However, costs vary depending on where you live - Cost of Care Calculator - Choose Your State | LTC News.
Big Benefits Being Paid by LTC Insurance
People who own Long-Term Care Insurance policies are already seeing big benefits. Many of these people who bought policies are now receiving care. Those policies are getting their claims paid by the insurance companies that have sold these plans since the 1970s.
In 2021 the top companies paid over $12.3 Billion in benefits. These benefits help people stay at home instead of being in a facility. Those who need a facility can afford a quality assisted living facility that meets their needs. Plus, their loved ones have the time to remain family instead of being caregivers.
These Long-Term Care Insurance claims are typically paid with little problem reducing even more stress on loved ones - Can You Trust That a Future Long-Term Care Claim Will Be Paid? | LTC News.
Today's LTC Insurance Meets Federal Guidelines
Today's Long-Term Care Insurance policies meet federal guidelines under Section 7702(b) of U.S. code. This federal regulation offers policyholders consumer protections, regulated benefit triggers, and tax benefits.
When you own a Long-Term Care Insurance policy, it will let you maintain your independence, avoiding being dependent on your family. You also will have access to quality care reducing the financial and psychological stress that a long-term health care event can inflict on your family.
One problem with Long-Term Care Insurance is you are unable to purchase a policy when you need it. In other words, you must have reasonably good health to be eligible to obtain coverage. Underwriting guidelines vary between insurance companies. This doesn't mean you must have perfect health - Can I Get Long-Term Care Insurance with Pre-Existing Health Conditions? | LTC News.
Is LTC Insurance Expensive?
The consequences of long-term health care impact you, your family, your savings, and your lifestyle. Few people today are unaware of the significant risk long-term health care poses to their families and finances. What many people do say is Long-Term Care Insurance is too expensive. The question is, is LTC Insurance expensive?
The answer is Long-Term Care Insurance can be designed to be very expensive. Plus, it can be costly if you purchase coverage when you are older or have many significant health issues.
Many financial advisors and general insurance agents are poorly versed in underwriting and policy design. Premiums and underwriting vary dramatically between insurance companies, and many non-specialists only work with one or two insurance companies.
Generally, LTC Insurance is very affordable for most people - How Much Does Long-Term Care Insurance Cost? | LTC News. These non-specialists also tend to recommend benefits much larger than most people's needs. Working with a specialist can help you find the best coverage at the best value.
Affordable LTC insurance will safeguard your 401(k) IRA 403(b) and other assets from the high costs of long-term health care. These plans not only pay big benefits but will help provide peace of mind as it eases the burdens placed on family members due to the consequences of extended care. Most people obtain coverage in their 50s. Experts suggest acting before you retire for the most affordable options.
About the Author
An LTC News author focusing on long-term care and aging.
Contributor since August 21st, 2017
Long-term health care is a significant financial problem since the costs of care services are rising sharply nationwide. Few of us can afford an additional bill of $4000 a month or more today - much less the $8000 or more monthly in the decades ahead.
Health insurance, including Medicare and supplements, are not the answer either. These traditional health programs pay little or nothing toward most long-term health care. Don't think that Medicaid is an answer either. Unless you have little or no income and assets, you won't qualify for the Medicaid long-term care benefit.
The solution many people have found is affordable Long-Term Care Insurance. Before saying it is too expensive, think again and get the facts. LTC Insurance is custom-designed, and premiums can vary over 100% between insurance companies.
Most people obtain coverage in their 50s. Getting LTC Insurance younger saves you a lot of money, and you have many more choices.
Long-Term Care Insurance means access to quality care. It also means choice. You get to choose the type of care, including care in your home. LTC Insurance also means income and asset protection. Care costs are exploding nationwide - your guaranteed tax-free benefits will ease the financial stress.
Indeed, most people want to protect their lifestyle and legacy and not lose their hard-earned savings. You can avoid the crisis by making arrangements, ideally before you retire.
Long-Term Care Insurance is affordable for many people. Your age and health are some of the factors that go into insurance costs - How Much Does Long-Term Care Insurance Cost? | LTC News.
Have Questions About Long-Term Care Planning?
You might have questions about long-term health care planning, and LTC NEWS provides the answers for many of the most asked questions here - Frequently Asked Questions | LTC News. Find all the resources available on LTC NEWS - Resources for Long-Term Care Planning | LTC News.
Find the cost of care where you live by using the LTC NEWS Cost of Care Calculator - Cost of Care Calculator - Choose Your State | LTC News.
Get Expert Guidance
Long-term care is very specialized, and few insurance agents and financial advisors have the expertise. Find a specialist who represents the top companies, as premiums can vary over 100% between insurance companies. Leading specialists will often have over 500 clients with Long-Term Care Insurance.
A specialist will save you money, and you will have peace of mind knowing they are making the appropriate recommendations - Work With a Specialist | LTC News.
Experts recommend seeking the help of a qualified and experienced Long-Term Care Insurance specialist to help you find the right coverage. A specialist will match your age, health, and family history with the right coverage at the right price.
Loved Ones Need Help Now?
Get help finding quality caregivers or long-term care facilities and get recommendations for a proper care plan, whether a person has a policy. - Filing a Long-Term Care Insurance Claim | LTC News.
If your loved one is lucky enough to own a Long-Term Care Insurance policy, be sure they use it. Sometimes families wait, thinking they can save the benefits for a rainy day. Waiting on using available Long-Term Care Insurance benefits is not a wise idea.
If your parent or parents need help be sure to get them quality care. LTC NEWS can help. We have put together several comprehensive guides to help you in your process.
Start by reading our four guides -
Advantages of Reverse Mortgages
Today's reverse mortgages for those aged 62 and older could be an ideal resource to fund a Long-Term Care Insurance policy OR even provide money to pay for care if you, or a loved one, already needs help and assistance. You might be eligible at younger ages as well.
Some people have much of their savings invested in their homes. With today's reverse mortgages, you can find ways to fund care solutions, care itself, and even help with cash flow during your retirement.
Learn more by asking questions to an expert. Mike Banner, LTC NEWS columnist and host of the TV Show "62 Who Knew" will answer your questions regarding caregiving, aging, health, retirement planning, long-term care, and reverse mortgages.
- Just "Ask Mike." - Reverse Mortgages | LTC News.
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