Things to Keep in Mind When Choosing Long Term Insurance

Growing up is inevitable, and there may come a time when you need help with the most important things and help you with tasks such as getting dressed or going to the doctor. If you don’t want to be a burden on your children, you should think about how you can pay for long-term care, if you ever need it.

The Ministry of Health and Human Services recently came out with a
learning found that nearly 70 percent of people age 65 and older will need long-term care at some point in their lives. The cost of having a health care professional in your home can run into the thousands. Living in a nursing home can double that amount. This is why term insurance is so important. However, not everyone needs this type of insurance.

When You May Need Long Term Insurance

If you have a nest egg or assets that you want to preserve to leave to your heirs, term insurance can help offset the cost of that care. That way, you won’t have to sell your home or get rid of other things to pay for your stay in a nursing home.

When You Don’t Need Long Term Insurance

If you have less than 100,000 items stored or owned, you do not need term insurance. Medicaid will pay for your care.

Advantages and Disadvantages of Term Insurance

There are some advantages to having long term care insurance. There are also some disadvantages of this type of Learning.

1. Benefits of Long Term Care insurance

This type of insurance ensures that you get the care you need when you need it and gives you peace of mind. Having this type of insurance takes the stress out of your children and other family members. You don’t have to worry about being a burden on them. It also protects you from losing your long-term care savings.

2. Disadvantages of Term Insurance

Term insurance is expensive, and premiums inevitably go up. When you surrender to an insurance company, you are locked in because you cannot withdraw your money. The insurance business is volatile, meaning that an insurance company that is growing today could be out of business in five or ten years.

When Should You Buy Term Insurance?

You need to buy long term insurance before you need it. The longer you wait, the higher the payout will be. Also, if you are in poor health, you may not qualify for this insurance. For most people, the best age to buy is in their early to mid-fifties.

A Health Insurance Agent Can Help You

A health insurance agent can help you find the right long term insurance policy and will be with you from start to finish. Unlike an insurance agent who only represents one insurance company, an insurance broker can show you plans from several different companies. Sackett Insurance Services is a health insurance broker
regular Medicare.

Consider an Integrated Plan

These days it is very difficult to find simple long term care insurance. Insurance companies are offering hybrid policies instead. These are whole life insurance policies that will return your money to your heirs even if you don’t need long-term care.

How Much is Long Term Insurance

If you buy insurance in your mid-sixties and are in good health, your policy will cost you between $1,400 and $2,100 a year. A good rule of thumb is to pay no more than 5 percent of your premiums for term insurance.

Things to Keep in Mind When Buying Term Insurance

Inform your children or loved ones about the process. He is likely to be the one who will file a claim for care to begin later. Also, expect to wait three months before your benefits start and you can start paying for your care.

Most policies only provide benefits for three years. This should be enough because most people stay in a nursing home or other facility for less than a year.

Talk to Broken Health Insurance When You Plan on Long Term Care Insurance

Talk to a health insurance broker and check out a few different plans before you commit. Make sure you understand what each plan offers and what you have to pay out of pocket. Also, ask what the price increases will be each year. Also ask about discounts. You’ll pay less if you’re in good health and if you’re married and your spouse buys from you. For more information on finding the right term insurance plan for you, call us at (707) 823-3689 or
Tell us online here.