Long Term Care Insurance

It might be hard to imagine now, but chances are great that later on in life you’ll need some help in taking care of yourself later on in life. How will you pay for it?

Long-term care insurance helps cover the costs of care that aren’t typically covered by medical plans or Medicare. For example, it provides funds to pay for assistance for the basic activities of daily living; such as bathing, eating, getting dressed, toileting, transferring and continence.

Most long-term care policies will reimburse you for care given in your home, a nursing home, an assisted living facility or an adult day care center. Considering

Long-Term Care insurance is an important part of any long-range financial plan, especially in your 50’s or beyond.

About half of 65-year-olds today will eventually require some long-term-care services according to a 2016 study by the U.S. Department of Health and Human Services. Most will need services for less than two years, but about 14% will require care for more than five years.

People buy long-term-care insurance for two reasons The first is to protect their savings. Long-term care costs can quickly deplete a retirement nest egg. The medium cost of home health care is $57,000, and more in an assisted living facility. The current average rate for in-home services is somewhere between $25-30 per hour.

Second is to give you more choices. The more money you have available the higher quality of care.

Waiting will cost you more money. The younger you are the less expensive and keep in mind you may not qualify because your health may change.

Whether long-term care insurance is the right choice for you depends on your circumstances and preferences. I’d be more than happy to go into more detail and costs. I’m only a phone call away.

Selman Insurance Services