Long Term Care


As the current generation begins to advance in years and the average life expectancy continues to rise, the issue of long term care will continue to be in the spotlight. It is more likely than ever that at some point in time any given individual will require some form of assisted living care. This raises the important issue of how to pay for this care since the extreme costs of long term assistance threatens to empty savings accounts and add debt to the ailing elderly and their families.

This financial environment has produced a product called long term care insurance which helps to offset the cost. A close examination of the product will help determine whether it might be the right solution for you. The insurance premiums should not cause financial difficulty since the purpose of this insurance is to prevent financial hardship, not to create it. Make sure that you can afford the payments for the remainder of your life since many people cancel their policy as they get older since they cannot afford the increased premiums. Often times the need for the policy will not arise until after the cancellation.

If covering the premiums will not be a problem, this is a great alternative allowing you to maintain a level of independence and preserve your estate for your family. Benefits vary and policies will allow for a maximum daily amount ranging from $75 to $250 per day. Consider policies for home care since companies allow for home care at a rate that is substantially lower than a traditional nursing home. The policy should offer increased benefits cover inflation since protection would become significantly less as the years go on. Some policies offer death benefits which will reimburse your estate the total amount of premiums that you paid less the benefits that you received.

Long term care insurance is not an option that is right for everyone, but for some it might offer the best solution available. If you decide that purchasing a policy is in your best interest make sure and research your options carefully so you can get all of the benefits that you want and need. Although long term coverage is not a fix all solution, it is an option that may help protect and individual's savings and prevent themselves and their families from going into debt while financing an extended assisted living arrangement.

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