Living Trust Texas

Long Term Care Insurance

The government will not assist financially if you need in-home assistance or a nursing home until you have spent most of your savings and assets.

The quality of care by government funding does not often meet the expectations of those in need.

On a budget?

Long term care insurance is not cheap if you have medical ailments. Look into Long Term Care when healthy and prior to reaching an age of 50 or 55.

A little coverage is better than no coverage. It is an excellent rule of thumb.

Without coverage, Long term care costs can average $30,000-$80,000 year. If comprehensive quotes startle you, remember a plan providing as little as $10,000 or $20,000 a year can be a big help!

Long Term Care statistics

• Studies indicate a person has a 25% to 75% chance of needing Long Term Care. Compare those odds to things you already insure: major damage or loss to a car (about 1%) or a home (about 0.1%).

• People average 2-10 years of care. 5 years of care at roughly $50,000/yr will eat up $250,000 of savings. Married couples both needing care could spend $500,000.

• Studies indicate spouse or family member caretakers have noteable life expectancy decreases. The demands and stress of balancing caretaking with family and a job add compound the problem of long term care.

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When Long Term Care payouts begin

Insurers begin paying benefits when a person can no longer perform common Activities of Daily Living (ADLs) such as:

• Getting in and out of bed
• Getting to the bathroom
• Using the toilet
• Bathing and showering
• Dressing
• Preparing food

Your insurance plan will pay a certain amount every month to help cover the costs of in-home or facility assistance, depending on the plan you choose.

Too often people can't get coverage

By the age of 70, plans are priced out of most people's budgets. A good time to begin getting quotes is age 40.

Insurance companies are in the business to make money, not care for sick people. Hence, it is important to be accepted for coverage while healthy. People tend to apply when it is too late: their medical history prevents them from getting coverage.

Check for quotes below. Even if you're a few years away from getting coverage, an idea for a future budget is helpful.