Long Term Care Insurance – Is It For You?
Long Term Care Insurance is dependent on an individual’s needs and budget. It is designed to cover long-term services for individuals who require personal and custodial care, whether that may be in your private home, nursing home, assisted living, or other long-term care facility.
The insurance policy reimburses policyholders a daily amount for the services that they require during every day life. This can include bathing, eating, and dressing.
The cost is dependent upon:
- The maximum amount that a policy will pay per day
- The maximum number of days that a policy will pay
- Any additional services that are chosen
A person who is in significantly poor health may not qualify, as most individual policies require medical underwriting. You may be able to buy a limited amount of coverage, or one at a higher rate. Many long-term care insurance policies have limits on how long or how much they will pay. They may pay a lower amount for a longer period of time, or for the entire cost of services for two to five years.
In 2010, the average costs for long term care in the United States, were as follows:
- $205 per day for a semi-private room within a nursing home
- $229 per day for a private room within a nursing home
- $20 per hour for a home health assistant
- $67 per day for services in an adult day health care center
These charges also depend on the type and length of care needed. It is important to be covered to ensure that the cost of living does not strain you financially. To discuss your options with an independent insurance agent to ensure that you have health coverage that meets your needs, contact SeniorChoices NW, located in Wilsonville, Oregon, today!