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