Understanding the ever changing landscape of Long-Term Care Insurance

Lately, the only consistent aspect of long-term care and long term care insurance is change. There are fifteen people could afford a long-term comprehensive health insurance coverage with relatively low premiums, and the process to obtain that coverage was pretty quick. Now the number of insurance companies offering long-term care insurance declined, premiums are significantly higher and subscription is as difficult as ever.

However, it is always possible to plan ahead for your long term care needs, because the goal should not be just to get long-term care insurance, but to create a long term care plan. Here are some steps to start

Step 1 :. Understanding what long-term care or not. Long-term care is not a place; it is an event. Long-term care is not to go into a nursing home, which is usually the reason why people are reluctant to discuss or even contemplate. Just think about this question: "Do you think the possibility of falling ill and needing care increases with age," The answer, of course, is "Yes!"

Step 2: know what levels of care are available. Most people, if given the choice, would prefer to receive care in their home, or a place that feels more like home, like an assisted living facility. Statistics confirm. Among the people who receive long-term care through their insurance, 49% at home and 24% are at an assisted living facility

Step 3 :. Learn how to care really costs long term. The national median rate for home health aide is allowed $ 19 / hour, which is $ 3,244 per month for 44 hours of care per week. The national median for a one bedroom apartment in an assisted living facility is roughly the same. When you compare these figures with the average private room in a nursing home (at $ 6,660 per month), you can easily see the difference in cost, and why home or assisted living care is much more desirable, if possible .

Step 4: Look at alternatives. Everyone is different, so each long-term care plan will be different. Keep in mind as you design a plan, and long term care insurance is a solution to fund the plan. Today, there are more alternatives than there were as recently as five years ago. For example, there are life insurance policies that have the advantages of long-term care linked to it, or life insurance policy with an LTC rider. In addition, one of the most overlooked opportunities is a pension-related benefits, which takes advantage of an unqualified benefit for long-term care. However, these policies and contracts are complex, and so it makes sense to have an insurance agent or financial advisor will guide you through the benefits they offer, and then help you understand the skills you need meet to receive benefits.