Safeguard Your Legacy
Long-term care can be extremely expensive. Long-term care insurance covers the cost of serious illness that isn't picked up by regular health insurance or Medicare, the government health care program for people over 65. If you can't properly feed, clothe, or bathe yourself and need an aide to assist you, long-term care insurance pays the bill.
Plan on at least $40,000 a year to cover nursing home care.
Most people need long-term care for five years or less, although some people spend a decade or more needing help.
If you are like most people who don't like to pay insurance premiums, you should consider adding the Return of Premium option to your policy.
People with a lot of assets buy the policies anyway to ensure that long-term care costs don't use up the potential inheritance they intend to leave their children. Preserving an inheritance is also a reason why some people buy policies for their parents.
When is the best time to buy a policy?
If you are under the age of 60: One of the features you should consider is a ten or twenty year level premium. This will lower the total cost you will pay for the protection.
If you are over the age of 60: Consider a term long-term care policy for a term of five years, because this will enable you to position your assets during this time frame so you will be able to qualify for Medicaid.
If you are a business owner: Long-term care insurance can be an excellent, tax-deductible addition to a comprehensive benefit plan for yourself and your employees.
Safeguard your legacy.