Let's face it,
long term care services are expensive! In fact, medical expenses are soaring. The average annual costs for nursing home care is $64,248 per year and climbing!
So, if you can afford long term health care insurance, I say go for it because it will secure your financial future! It might cost you more in the long run if you don't. Your savings and assets will be have to be liquidated if you are unable to take care of yourself over an extended period of time.
So the smart thing to do is to learn about your options; this
long term care review can get you started.
Buying LTC (long term care) insurance is very expensive or inexpensive, depending on your finances, health and what expensive means to you! So, what determines long term health care cost? Anwser - your age and health status when you take out the policy. For instance, someone who is 40 years old will only have to pay a yearly premium of about $200 if s/he is in good health (2006 statistics). Premiums for a person in their 60's will cost about $2500 to $3600 a year. The good news is that yourlong term insurance premiums can be a tax deduction under healthcare benefits. Check with you accountant.
You need to look at the long term goal to determine what would be the best long term care insurance for you and what you can afford as an out of pocket expense. Your long term insurance agent you will be able to help a you with the right policy and the long term health care insurance premium you can afford. Compare rates and get quotes. Do comparison shopping.
If you an find a long term health insurance broker that is an agent for all the companies that write long term insurance, then your research will be easy. Ask the broker, "Do you have long term care insurance?" "What company did you use?"
You know that s/he is going to choose the best that is possible.
Here is a list of some of the companies that are long term care insurance providers:
Aetna (group plans)
Allianz
CNA (group plans)
GE (Genworth)
|
John Hancock
MetLife
Mutual of Omaha
Prudential
|
|
AARP is underwritten by Metropolitan Life Insurance Company ("MetLife")
CNA's Group Long-Term Care offers an opportunity for an employee to purchase Long-Term care protection at a group rate.
Federal long term care insurance program is underwritten by John Hancock and MetLife.
|
Home care cost will be determined by the amount of care that a person requires in their home. Nurses that are skilled to perform nursing skills that you would receive in a health care facility will cost much more than a CNA (certified nursing assistant). The expense for home care will also depend on the area in which you reside. Home care cost is not a set amount in any area. The cost for home care is usually hundreds if not thousands of dollars.
Assisted living facilities care will be determined by the essential need of care a person requires when entering the facility. Most facilities have skilled nursing on staff. CNA's will help with particular needs that a person requires. Assisted living facilities in most instances cost hundreds of dollars a month. The
level of care is factored into the cost.
Nursing homes are the most expensive of all the different cares that are offered for long term care. Nursing homes do provide skilled nursing care, CNA care, plus additional care that a person may require such as therapies
that are not covered with nursing homes stays. A person will need to check with the long term insurance company to explore what the policy will cover during the stay in a long term facility.
Seek out different long term companies and make comparisons to find the best long term insurance company. Long term care providers will be able to help you to determine a long term care policy that will fit your needs and financial budget. With the expense of health care and health insurance a person will want to make the best choice in choosing a long term insurance company. To examine your possibilities, get a free long term care insurance quote today.
