Dont wait to purchase insurance for long term care until you need it. Long-term care insurance helps pay for costs associated with the Activities of Daily Living (ADLs). Its important to keep in mind that the sooner you start purchasing long-term care insurance, the lower your premiums should be.
Benefits of Long-term Care Insurance
Keep in mind that you dont have to be a senior to enjoy the benefits of a long-term care insurance plan. For example, lets say youre a 47-year-old who got into a car accident and end up unable to take care of yourself. Long Term Care Insurance will provide care in such scenarios, or if you become frail in your older years. The majority of us will need this care at some point in our lives.
Long Term Care Insurance Policy Cost Comparisons
When looking into long-term care insurance, its important to decide on daily and/or monthly benefits. Daily benefit amounts can range between $50 to $300 a day in coverage. At-home care daily benefits are determined by your policy. Talk to your agent about different daily and monthly benefits and length of coverage.
The cost of a long term care policy can vary widely so contact your local Texas long-term care insurance representative for average costs of care in your area and a policy that will cover your needs. Balance the cost of long-term care insurance policy premiums with the cost of an average nursing home stay. Home care costs less than nursing home care but is still expensive.
Ask for price quotes for policies that offer the following:
100% facility daily benefit percentage
Zero day Homecare elimination period
100% Home Care Benefit
This is just a starting point. Look into long term care coverage before you need long-term care and are still healthy enough to qualify.