How much does Long Term Care Insurance Cost?
At LTCfact, you can not only find out what long term care insurance will cost you (and your family) but you'll be able to compare multiple companies side by side. As you probably know, long term care insurance quotes vary! Smaller companies may offer different options than larger LTC providers. For this reason, it is very important to look at the financial ratings of the long term care insurance provider you are considering. Some insurance providers in the past have had to raise rates. Be sure to read our article about how long term care insurance rate increases work. It is reading you may find useful in your investigations on long term care insurance.
What Long Term Care Insurance Pays For
Many people thing of long term care as taking place in nursing facilities - either nursing homes or assisted living. The FACT is that long term care insurance claims are used about 75% of the time for home health care! The reasons are obvious: who wouldn't want to get their long term care at home? Most people prefer NOT to have to go to a nursing home and long term care insurance provides you the opportunity to make the choice to get home care when you need it.
Furthermore, the cost of even non-health related things like chore assistance is paid for by some of the policies. For this reason, we suggest asking your long term care insurance agent to explain the benefits and differences between each of the various policies that are out there. All policies will have aspects to them that vary but as a general rule the fundamentals of how they pay, when they pay, and so on will be the same.
Is Long Term Care Insurance an Investment?
There are big differences between investments and insurance. In some ways, insurance is the exact opposite of investments, since you are paying to eliminate risk, whereas with investment you are taking on risk with the hope of gain. Because insurance is a hedge against likely, but expensive scenerios, we think (and many financial advisors agree) that long term care insurance should be considered by anyone who has assets between about $50,000 and $3,000,000. The general rule is that beyond $3,000,000 self insurance is considered acceptable and below $50,000 public assistance (such as welfare or Medicaid) is a more likely route. We can assist you with determining whether long term care insurance is the right choice for you.
