5 Reasons to Consider Long Term Care Insurance

Contemplating the purchase of a long term care insurance policy? Here are 5 reasons why having a long term care insurance policy in place can help you:

1. Long term care is expensive. The average cost to live in a nursing home is over $87,000 per year; assisted living facilities average $42,000 per year.
2. Long term care insurance is relatively less expensive. For VERY MUCH lower than the cost above per year, you can have benefits up to $400,000 per year depending on your age, health, and marital status.
3. The amount of coverage offered by a long term care insurance is significant. Some of the more common coverages include care in your home, adult day service centers, hospice care, respite care, assisted living facilities, Alzheimer’s special care facilities, nursing homes, skilled nursing care, occupational, speech, physical, and rehabilitation therapy, help with personal care (bathing and dressing). Some policies even cover homemaker services like housekeeping and meal prep.
4. Some long term care insurance premiums are tax deductible. In some cases, long term care insurance is combined with life insurance. Premiums are paid in one payment or over a short term. If no claims are made, the premiums can be returned as a tax-free benefit.
5. It always helps to have a plan in place for your loved ones. Peace of mind is one of the main reasons having a long term care insurance policy in place. Not having to worry about how certain thing will be paid can ease the burden you and your loved ones may feel. As much as your family want to help, it can be easier on them to know that bills will be covered by your insurance policy.

Call us or fill out the form on this page for a quote on a long term care policy that matches your lifestyle and your budget.