Many people are unable to rely on or do not want to burden family members with caring for them. Long-term care (LTC) insurance provides coverage for nursing-home care, home-health care, and personal or adult daycare for individuals age 65 or older and those who have a chronic or disabling condition and need constant supervision. Without insurance, long-term care expenses could quickly deplete the savings and assets of an individual and/or their family.
There are three main components to a Long-Term Care policy.
What could trigger benefits to be paid?
Some companies offer incentives for both spouses to purchase coverage. This can be a premium discount or a “shared care” policy. A “shared care” policy allows the purchase of one policy for both spouses to share the same coverage limits.
Many experts suggest you begin shopping for long-term care insurance between the ages of 45 and 55, as part of an overall retirement plan to protect assets from the high costs and burdens of extended healthcare. The younger and healthier you are when you purchase LTC, the less the annual premium will be. While premiums can cost less if you buy a policy at a younger age, you may be paying for coverage for more years before you are likely to need it. However, if you wait until your health is already deteriorating, you may be denied coverage. So, weigh your options carefully. Thoroughly compare the benefits to determine which policy will best meet your needs.
If you are looking for an honest and trustworthy agent to help you with your life insurance, annuities or long-term care policies, you can count on SIIS. Abbigail, April and Brittany are ready to help you learn about the many options available so you can make an educated decision on the type of policy that YOU need. SIIS has access to a wide variety of companies so we are sure to find the best fit for you!
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