Long Term Care Insurance

Is it worth it to buy Long Term Care Insurance?

What age should you buy Long Term Care Insurance?

Is Long Term Care Insurance a waste of money?

Long-term care insurance policies reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating.  You can select a range of care options and benefits that allow you to get the services you need, where you need them.

The cost of your long-term care policy is based on:

  • How old you are when you buy the policy

  • The maximum amount that a policy will pay per day

  • The maximum number of days (years) that a policy will pay

  • The maximum amount per day times the number of days determines the lifetime maximum amount that the policy will pay.

  • Any optional benefits you choose, such as benefits that increase with inflation

If you are in poor health or already receiving long-term care services, you may not qualify for long-term care insurance as most individual policies require medical underwriting. In some cases, you may be able to buy a limited amount of coverage, or coverage at a higher “non-standard” rate.  Some group policies do not require underwriting.

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