A Long-Term Care Insurance Primer

Getting long term care insurance nowadays is important because people are expected to live much longer and the cost of care is high. They are encouraged to plan early in order to secure their future and to avoid becoming a burden to their families. There are still some people who prefer to self-insure thinking that their lifetime savings are enough to cover their future long term care expenses. The truth is, this may not be enough. The cost of an assisted living facility back in 2012 was $42,600 and for a semi-private room in a nursing home was $81,030. These numbers have definitely gone up this time around because of inflation. It’s better to be prepared than to be sorry, so plan on getting coverage while it’s early. Long term care insurance is expensive in nature but not if you start comparing quotes now. Through http://www.ltcoptions.com you can request for free no-obligation quotes and allows you to choose affordable long term care insurance that will serve you best in the future.

Amat Victoria Curam

Elderly Woman (Happy)Long-Term Care planning is one of the hardest things I discuss with clients.  First of all, Long-Term Care Insurance (LTCI) is expensive.  Second, the risk seems far off.  Third, you may never use LTCI, but if you need it, you NEED it.  All valid concerns.  For many transitioning Senior Officers the decision involves self-insuring the risk as well.  In any event, before you can have any discussions about Long-Term Care Insurance, you need to understand it.  So, let’s take a look at some key terms and concepts for LTCI.

Triggering Event.  With most LTCI policies and all qualified LTCI policies the benefits go into effect when you can no longer accomplish 2 of 6 Activities of Daily Living (ADL) or you have cognitive impairment.  The ADLs are:

  • Eating
  • Bathing
  • Dressing
  • Toileting
  • Transferring (essentially walking)
  • Continence

When a medical practitioner of the insurance company’s choosing certifies you can no-longer accomplish two of…

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