Do you have long term care insurance? Are you wondering how much does long term care insurance cost today? Long term care insurance is important especially for those who might need a nursing home or senior care facility someday. Since old age is a fact of life and accidents can happen to anyone, it is important to be prepared. You may have health insurance right now, however, it will only cover for a short hospital stay, it will not pay for long term care services in nursing homes and assisted living facilities.
LTC insurance policies cover services and facilities that are vital in maintaining quality of life of individuals who are injured or who are too weak to eat, dress, walk or transfer on their own. Long term care insurance from private companies also offers extensive benefits than those offered by the government. As a matter of fact, long term care insurance benefits offered by the government are limited and there are strict criteria that you need to meet in order to qualify.
There are several factors that determine your insurance premium like your age and health during the application period. Insurance companies usually offer lower monthly rates for younger and healthier consumers. The rationale behind is that younger and healthier people are less likely to require long term care in the immediate future. Elderly and weak individuals, on the other hand, may start showing symptoms of disease and it indicates that they are at higher risks for receiving long term care services.
Another factor that determines the cost of premium is the area where you want to receive care. Research online and you will notice that some states offer more expensive monthly premiums. Your insurance coverage and added features also affects the price. Take note that the more protection you have, the higher will be your insurance premium.
Today, there are several tools that can help you find the best long term care insurance policy that will best fit your needs and budget. Use a long term care cost calculator online and it will tell you compute for the total long term care cost estimate in your chosen area. Moreover, in just a couple of mouse clicks, you can compare two different states or cities.
When planning for long term care there are several areas to explore. You need to know how you will pay for long term care services and if you need long term care insurance. Where you want to receive long term care in the future is also another important consideration. Knowing how much does long term care insurance cost in your area can be done instantly by using a LTCI calculator. Remember that costs of care can vary by states. If you want to reduce long term care premium, use this special tool or inquire with LTCI agent to find out about LTC plans and services that is best fit for you.