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Long term care insurance plans and rates vary from provider to provider, so comparison shopping is a good way to find affordable long term care insurance.
Long term care insurance helps pay for the cost of receiving assistance with activities of daily living (ADL) such as bathing, eating and dressing. It also can cover people who are mentally impaired.
Most people think of long term healthcare insurance as covering nursing home costs, but it can also help cover home health care, assisted living facility and adult day care costs.
Many people buy long term care insurance because it covers custodial care that typically isn't covered by Medicare or private health insurance. It can also help protect your retirement assets, and in the case of long term care partnership programs, can help protect your assets from Medicaid spend down requirements. Several states have partnership programs including California, Connecticut, Indiana and New York.
Insurance for long term care isn't necessary for everyone. If you have a very high net worth, you may be able to afford long term care costs from your savings. On the other hand, if you have very few assets or money and plan to qualify for Medicaid at 65, you can get long term care costs covered by that government program. You have to decide how you would pay for long term care if the need arrived, and then decide if buying long term care insurance will help secure your retirement plans. If you are between having a lot of money or having very little money, getting this coverage may be a good idea.
At the very least, you should get some idea of the cost of long term care insurance for you, and compare the different plans available. LowerYourInsurance.com has partnered with Insureme to make this easier. Simply use the Quote Box above to get several quotes from professionals in your area.
Here are some points to consider:
- To get FREE comparison quotes from different long term care insurance companies, start with the Insureme Quote Box above or click here.
- See if your state offers a long term care insurance partnership program. There are additional advantages to partnership policies.
- Since you may not need the benefits for awhile, make sure you buy from long term care insurance companies in good financial standing.
- Find more long term care insurance information in our Article section.