Long term care insurance is a good example of responsible future planning. Most challenges in life can be conquered with careful planning and the prospect that you may need expensive nursing care or rehabilitation for an extended period is a prime example. If you’re unprepared, the financial consequences could be dire.
If you are over 65, there is a 68-percent chance that you will need long term care and the average cost of a nursing home is $70,000 a year. By 2030, the cost of a nursing home is projected to rise to $190,000 a year.
Long term care insurance provides compensation when you or a family member requires rehabilitation after an accident or illness, or if an elderly family member needs nursing home care services. Americans are living longer and as the population gets older, healthcare costs are rising due to demand for healthcare services and the increasing cost of medicines.
Long term care insurance can help pay for extended nursing home care, dementia care, assisted living, at-home care and rehabilitation and occupational therapy. It can also cover anyone who is severely injured or someone with a chronic condition requiring long term care. Long term care insurance also provides a wide range of assistance for people with disabilities, including help with daily activities, medication management and rehabilitation.
When is the best time to buy long term care insurance? Most people choose to purchase long term care insurance when they are relatively young. According to the American Association of Long Term Care Insurance, you have a 1 in 7 chance of being turned down for coverage if you’re in your 50’s. If you wait until you’re in your 60’s, your chance of being turned down is 1 in 4.
As to cost, for a single 55 year old the average long term care insurance premium is about $2,000 a year, and for a couple, about $2,400. You can generally save if you buy a plan for a couple, as opposed to two individual plans, and if you choose a longer elimination period, which is similar to a deductible.
Of course, as with all insurance products, the details can be confusing and you may be unsure about what’s right for you. Your Alliance Insurance Services agent can help you determine the appropriate amount of coverage.
The Alliance Insurance Services Guarantee
At Alliance Insurance Services, we believe that when it comes to selecting an insurance agent, the most important factors are Protection, Price, and Service. Protection of your most valuable assets is what insurance is all about. As your insurance agent, it is our job to make sure you are adequately insured.
As an independent insurance Agent, we represent more than 20 top-rated insurance companies. This means we shop your long term care insurance for you, offering you the best possible coverage for the best price.
When you have a question, concern, or problem, we are here for you! We have offices in Winston-Salem and Walnut Cove. And our Summit Square Boulevard office in Winston-Salem has extended hours (until 5:30 pm Monday thru Friday) and every Saturday for your convenience.