When is the best time to buy a Long Term Care Policy?
Long Term Care is one of the major risks we’ll face in retirement. Seventy percent of everyone that reach the age of 65 will need it.
Tragically, most people are unaware of the compelling need to plan for this reality while they can still qualify. As a consequence, the most efficient options are no longer available to them. Don’t let this happen to you.
avoid this common mistake.
Long Term Care insurance allows you to maintain your independence and afford quality care, and it also helps reduce the financial and psychological stress that a long term care event can impose on your family.
Medicare does not cover Long Term Care. Medicare may pay for the first 20 days in a skilled nursing facility. After that, you’ll need to pay a coinsurance per day, for up to 100 days. Once you surpass 100 days, you’re responsible for the cost of your care.
To activate a Long Term Care policy you need help with two out of six daily activities of living (which generally include bathing, dressing, toileting, eating, transferring and continence) or you have severe cognitive impairment.
There are different levels of Long Term Care.
Yes, There are several ways to purchase a Long Term Care policy.
Maybe, unlike life insurance, which is based on mortality, Long Term Care policies are based on morbidity. The younger and the healthier you are the easier to qualify and get a lower premium.
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For more information to help make a good decision about long Term Care insurance you can
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