In the years to come many of the Baby Boomers will require assistance with the daily tasks of life such as eating, bathing, dressing and even been reminded that they need to take their medication. The standard health insurance that includes Medicare will not pay out with this type of “custodial care” tasks, while Long-Term Care insurance will. Yet when faced with the costs for coverage, most of the long-term care insurance buyers often give up. Below are a few tips on how to ensure the prices remain affordable.
- Buy Now Rather Than Later
One of the important aspects of the long-term care insurance plans is to apply earlier when it is still inexpensive. You are able to purchase this insurance up until the ages of 75 from just about all the companies. However, you will end up paying more the older you get particularly when you have existing health conditions. It is suggested that the right age to start considering long-term care insurance would be 50 years of age.
- Use An Independent Agent
The prices will vary according to the insurer for the exact coverage amounts. Find an agent who is actually able to sell and not only quote the policies available from the different carriers. Reputable agents will be able to honestly advise you on which of the companies will be likely to accept you associated with coverage that is associated with your health as well as offer you with the best price.
Make sure you collect your own price comparisons on the different providers even when you are able to purchase a long-term care insurance plan from a group like your employer. If you happen to be in a good state of health you may just find a much better deal.
- Begin With A Budget
Make a decision on what you are able to afford when it comes to spending money on coverage. You can also inquire from the insurance agents on quotes which can match up to your budget. It may be in your best interests to work alongside a reputable financial adviser in order to review any other options if you are unable to pay or qualify for a long-term care insurance plan.
- Plan Realistically
The U.S. Department of Health and Human Services state that just about 70% of the current 65-year-olds will in time require long-term care and around 20% will need this care for over 5 years. However, not many people want to consider these realities. It is encouraged that clients purchase sufficient coverage in order to cover health care from home for at least 2 to 3 years. The annual average costs involved for home-health aide which is full-time is around $46,332 when compared to about $83,125 for a semi-private type nursing home.
Many of the policies for long-term care insurance will actually reimburse you when it comes to care from home, nursing homes or assisted living. What this means is that if you have purchased enough to cover the health care costs from home but later end up in a nursing facility, your policy will cover a portion of the costs involved for a nursing home.
- Keep It Simple
When comparing quotes ask for the good, the better and then the best coverage that each company is able to offer in order to view these costs at their different levels. Look for a simple yet good long-term policy without all those “bells and whistles.” One example would be the “restoration of benefits” rider. This involves that when you require long-term care and later return to health, your benefits you have made use of will be restored to use at a later-date.