Long term care insurance is a type of coverage that gives nursing home-care, personal adult day care for individuals above the age of 65 with a chronic or disabling condition that needs constant supervision. This type of coverage offers more versatility and choices than many public assistance programs. Before you decide on getting one for you or your loved ones, here are some important things to consider.
Long term care insurance holders have had trouble with traditional policies years ago. Insurers before failed to forecast the amount of care a client would be needing. Thus, agencies needed to increase the premiums much to the dismay of the clients. From 100 insurers selling such cover, now less than 15 do.
Higher Premium Cost Compare to the Usual Policies
According to an industry research firm, premiums for LTC policies are average $2,700 a year. The said amount is out of reach for most Americans. One needs to consider if they have family members that can pitch in, mortgages they still need to pay or health factors that one might be at risk of needing long term care, such as dementia.
Whole of Life Insurance VS LTC
Whole of Life Insurance or hybrid policies does have the option for you to give your money to your beneficiaries if you don't need long term care. This type of policy has premiums locked upfront, which avoids the risk of a rate hike that traditional policies might impose. These hybrid policies are usually 2-3 times expensive compared to the traditional ones, so you might want to weigh your options carefully.
Whatever type of insurance you are getting it is best to start looking the soonest possible time before premiums rise or health condition worsens.
At Cornerstone Insurance Agency, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (770) 413-0807. Get your free quote today by CLICKING HERE.