Comparing Senior Funding Options
-Long Term Care Insurance
Private Long Term Care Insurance defined by the U.S. Department of Health and Human Services (HHS):
Definition - Long Term Care insurance gives you financial protection against the cost of long-term care services including both skilled and non-skilled care
Eligibility -
- If you don’t buy a long-term care insurance policy from a reliable insurance company, you might not get the coverage you need in the future.
- Make sure you buy the right long-term care insurance policy that is right for you. Some policies offer more coverage than other polices. You may have to pay additional long-term care costs. Read the policy carefully to see what is and what isn’t covered.
- Some people might not be able to get a long-term care insurance policy because they have a pre-existing condition. A pre-existing condition is a health problem you have before getting a new insurance policy.
- Long-term care insurance policies can be expensive. You might not be able to continue to pay the monthly premium. Remember, it is better to buy a long-term care insurance policy at a younger age when premiums are lower. If this is done, a periodic review is advised to make sure your policy covers your current and future long-term care needs.
- Generally, if you buy a long-term care insurance policy without a non-forfeiture benefit and don’t use it, you won’t get your money back for the policy.
National Long Term Care Insurance Statistics
- The average long-term care premium for individuals under 65 is $1,337.
- The average premium for individuals over 65 is $2,862.
- The average long-term care insurance policy purchased by a 65-year-old and held until death pays out 82 cents for every dollar.
- Since 1987, fewer than 10 million Americans have bought long-term care insurance, and only about 7 million of those policies remain in force today.
- Less than 30 percent of Americans over 45 have purchased a long-term care insurance policy.
** source AAHSA
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