Giving you the information you need to make smart choices for your familyLong-term medical care adds up. Whether getting help at home or in a nursing facility, costs can be daunting or even devastating to your budget. Each year an estimated 11 million American adults require long term care. To prevent a huge financial burden for your loved ones, consider investing in long term care insurance.
The experienced team at Senior Health Solutions, LLC can advise you of the various options and costs, so you can pick the most suitable plan. Having long term insurance helps prevent a financial burden from falling upon your children, grandchildren or other family members should you need expensive daily care.
A look at long term care from top-rated insurance companiesLong term insurance covers general care. While medical insurance focuses on certain expenses such as visits to a physician, and drug insurance covers medicine, long term care covers the costs of associated with daily attention, whether this be in the form of a daily or weekly home health care visit or living at an assisted-living facility (or something in-between). Having long term insurance coverage provides a financial buffer for expenses that can quickly add up to tens of thousands – even hundreds of thousands – of dollars per year. In-home help costs start at $21 per hour , semi-private rooms in a nursing home can start at more than $6000 per month. At such rates, it is easy to understand why health-related bills are the largest cause of personal bankruptcy.
Alzheimer’s and dementia - Disabilities - Chronic illnesses - Limited mobility due to age or injury
In general, it is less expensive if you purchase long-term care insurance before you turn 60, but there are options available for seniors. Although premiums may surprise you, the benefits highly outweigh the costs. Most health insurance policies that include skilled nursing may not kick in until an initial period of time has passed. These costs then fall on you or your loved ones.
The IRS does not tax long term insurance payments. This means you will not be penalized by the government.
Having long term insurance may also keep you from having to liquidate assets in order to cover your expenses. One of our associates will cover the financial benefits of long-term care insurance at your initial visit.
Even if you are a healthy and mobile senior, if you fall, you may suddenly need help a caregiver. Long-term insurance prepares you for a variety of costs, including:
- Custodial care (dressing, bathing, moving about, eating, etc.)
- Physical or occupational therapy
- Visiting nurses
- Skilled nursing units
- Assisted living
- Mental health care
- Deductibles for your primary health care
- Temporary in-home care, should your primary care giver need help or “time off”