23 Feb The Lasting Benefits of Long Term Care Insurance
When you reach age 65, you may be presented with many different insurance options that you may have not considered before. Unless you already have the coverage due to a chronic illness or previous accident, long term care insurance may be among those options. According to a study completed by Rogers & Komisar in 2003, about 70% of people turning 65 will need some sort of long term care in their lives. With that knowledge, you may want to consider purchasing a long term care insurance policy to help with the cost of long term care in your future.
Long term care insurance is used as a supplement to Medicare and Medicaid when those benefits have been exhausted. For example, Medicare may only cover 100 days in a care facility. If your stay extends further than 100 days, in some cases Medicaid will then take over, but only if you qualify for that coverage. You may not qualify if your income exceeds the limit. If you have a long term care policy, you will be covered for the costs that remain.
Having financial coverage in place before you need it can save a lot of time, energy, and money when the time does come for you to need long term care. Not only can you benefit from the coverage, but it can relieve the burden from your loved ones who will be trying to take care of your finances while you are under care of a doctor. If and when you no longer need the services, you will not be financially depleted and your bills will not seem as unmanageable. The benefits of having long term care insurance sometimes do outweigh the cost of premium. Talk with one of our licensed long term care insurance agents to find out more.