| There was a time when buying long term care | | | | wheelchair bound, you may not even be able to |
| insurance was fairly easy and pretty cut and dry. | | | | get coverage. All in all, the younger you are when |
| Times have changed for this particular type of | | | | you get the policy and the better your health, the |
| insurance and anyone considering buying it would | | | | lower your premiums will be. |
| do well to spend some time investigating carriers | | | | The truth is there are fewer companies offering |
| and coverage levels as well as premiums. | | | | this type of insurance today than there were |
| Generally speaking, the cost for a nursing home | | | | some years ago. At one time there were over |
| resident today is about $71,000 annually, which | | | | one hundred companies offering long term care |
| works out to around $200 a day. The cost for | | | | policies, now there are only five or six. |
| non-resident, assisted living comes in at around | | | | If you believe that you need this insurance, you |
| $32,000 a year, or $88 dollars a day. In both | | | | should try to get coverage only with a |
| cases, that is a lot of money over the course of | | | | well-established company that has a history of |
| time. | | | | being in business for at least fifteen years and |
| The major reason people want to buy long term | | | | has faithfully served its long term care |
| care policies is so they can protect their assets in | | | | policyholders. |
| the event they need to pay for nursing home | | | | You will also need to check and make sure that |
| occupancy, assisted living expenses, or home care | | | | the company has not had to raise its premiums |
| expenses. Those who do not have this type of | | | | drastically. These increases in premiums often |
| insurance are often forced to liquidate their assets | | | | occur when companies begin to pay out on |
| in order to get the care they need. For many | | | | policies that they wrote years ago and that they |
| people this means selling the home, cashing in on | | | | did not accurately price. Your state insurance |
| retirement funds, and depleting savings accounts. | | | | commission can also help you in deciding what fair |
| On average, if you have more than $300,000 in | | | | pricing is in your region as well as inform you on |
| personal assets, you may want to look into long | | | | any current regulations that pertain to long term |
| term care insurance as a means of protecting | | | | care insurance. |
| yourself. | | | | Researching what your options are in long term |
| The age in which you purchase these types of | | | | care insurance will take time, so the sooner you |
| policies is important. A person who is | | | | begin the better. You should not sign up for any |
| fifty-years-old may pay $2,000 for a policy, while | | | | plan until you have had time to look into several |
| a seventy-year-old may end up paying as much | | | | plans. As an added precaution, you may want to |
| as $8,000 or more for the same policy. | | | | speak with a reputable financial planner to get |
| Your physical condition is also important. If you | | | | some tips on how to best approach this time of |
| suffer from certain forms of mental conditions | | | | life. |
| such as schizophrenia or dementia, or if you are | | | | |