Although it may be difficult to imagine now, there may come a point in the future when you need help taking care of yourself. According to the U.S. Department of Health and Human Services’ Administration for Community Living, individuals turning 65 today have a 70% likelihood of needing some form of long-term care in their future, with 20% likely to need long-term care support for 20 years.
This type of care may become essential for your safety and well-being, but it can also be very expensive. Long-term care insurance is one way you can prepare for this need.
What Is Individual Long-Term Care Insurance?
This type of policy can cover the costs of care for those with a disability, disorder or chronic medical condition. It may offer coverage in your home, an assisted living facility, a nursing home or adult daycare.
Our individual long-term care policies can help pay for both medical and non-medical services that you would otherwise have to pay for out of pocket. For example, some policies cover the cost of medical equipment and home care. It can be set up to pay a fixed amount or provide reimbursement for services rendered, depending on your needs.
Many people purchase individual long-term care insurance to avoid placing the financial burden of their care on the rest of their family.
Do I Need Long-Term Care Coverage?
Basic medical insurance and disability insurance policies do not provide the type of coverage extended by long-term care insurance. Most health insurance plans will only cover approximately 30 days of recuperative time, while disability coverage replaces your salary but does not cover ongoing medical care.
Individual Long-Term Care Insurance Cost
The premium for this type of policy depends on a range of factors, including your age and health status at the time of obtaining the policy, along with the amount of coverage desired. The cost of care in your area is another factor that influences premiums.
Benefits Of Long-Term Care Insurance From Business Benefits Group
Here’s how our long-term care insurance can give you peace of mind and freedom over your care.
Protects Your Savings
Long-term care expenses can quickly deplete your retirement savings, making long-term care insurance a wise financial investment for many individuals.
Gives You More Choices For Care
Having a reliable source of funding for care can enable you to get higher-quality care than you might have access to if depending on Medicaid. In many states, Medicaid will not pay for all assisted living costs.
Help You Stay In Your Home
Many people prefer to age in place rather than in assisted living; most long-term care policies cover in-home care.
Get Coverage Today With Business Benefits Group (BBG)
Don’t wait until you are older to obtain this coverage; premiums are more favorable for those who seek coverage when they are younger and healthier. You will not be able to qualify if you have a debilitating condition and are also unlikely to be approved if you are over 75.
The insurance consultants at Business Benefits Group (BBG) will develop an individual long-term care plan that is tailored to your needs and budget. Call us today at (844) 201-3609 or contact us online to get started.