**Assuming you are
under age 70.
The #1 reason most people don’t buy long-term care insurance is the perception that
the premiums are too high. However, if you’re willing to cover a portion of the cost
of your care using some of your current income – chances are you can get a policy
for under $100 per month.
In general, long-term care coverage makes sense for people with a net worth of
$100,000 to $2 million. Those with less will exhaust their assets and qualify for
Medicaid. Those with more can typically fund their own care.
Normally, consumers look to insure 100% of the cost of care in their area. The
current national average is over $190 per day, or over $72,000 per year.* However,
an alternative strategy is to purchase less coverage – say 50% to 80% - and in the
event you need care, pay the difference out-of-pocket later on.
|When shopping for a policy, consider an elimination period – the time before your
benefits begin - of 90 days or more. This approach lowers your cost – in some
cases – by as much as 30% or more per year. Equally important, insist on insurers
rated “A” or better by A.M. Best.
With over 100 policies on the market – each with different benefits, premiums and
application requirements – it pays to comparison shop.
|In addition, you should consider a policy with at least a three-year term – the average
time people need care
|Find out how you can purchase low-cost long term care coverage.
Contact us for no-obligation quotes.
|“My dad needed care for over 4 years and if we’d had a policy that
paid even $1,500 a month towards ongoing expenses, it would have
made it a lot easier,”
says Bob Burke,
a broker who sells long-term care policies in Phoenix.
|According to Money Magazine financial editor, Jean Chatzky, “Your
best bet is to get quotes from at least three companies.”