Considering Long-Term Care

Having the right insurance can protect your assets

adjust to cover the costs of inflation, without an increase in your premium.

Long-term care insurance policyholders do not pay deductibles, but they may have to pay for services out of pocket during the waiting period–the time after the accident or onset of illness, but before the policy takes effect. A 30-day waiting period, for example, means the policyholder pays for the first month and the insurer pays the rest. The longer the waiting period, the lower the premium. In some instances , you can overlap the waiting period on your long-term care policy with your health insurance coverage to reduce your costs.

Just as health insurance providers often deny coverage to applicants with pre-existing conditions, long-term care providers may deny coverage to those already diagnosed with certain medical conditions, so it’s important to get coverage while you’re still healthy.
No one likes to think about needing extended care, but it pays to be prepared. Not only does long-term care insurance provide for your well-being, it should be part of your overall wealth strategy.

The Costs of Long-Term Care

  • Average Annual: $ 1,337 (under 65)
  • Long-Term Care Premium: $ 2,862 (65 and over)
  • Average Annual Cost of Nursing Home (Private Room): $74,095
  • Average Annual Cost of Assisted Living Facility: $28,548
  • Average Annual Cost of Continuing Care Retirement Community: $32,064
  • Average Annual Cost of Adult Day Services: $20,160
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