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Why Should I Consider Long Term Care Insurance?

Many consider long-term care (LTC) insurance as a necessity only for seniors. While seniors are the primary beneficiaries of long-term care insurance, they are not the exclusive audience. In fact, the American Association for Long-term Care Insurance states that 37 percent of those who need it are younger than 65 years old. Those who need long-term care but who do not have proper insurance often face extremely high costs, which poses the risk of depleting a lifetime of hard-earned savings.

What Is Long Term Care Insurance?

Long-term care insurance is in place for those who need financial assistance for managing disabilities and chronic illnesses. These individuals may require assistance with daily care such as bathing, dressing, and eating. Additionally, long-term care insurance assists those with cognitive disorders including Alzheimer’s disease and other types of dementia. The care provided through long-term care insurance may be provided in-home, as well as in a living facility such as a nursing home or an assisted living community.

Long-term care insurance covers costs for services and treatments such as:

  • Nurses and home health aides that provide in-home visits to patients
  • In-home assistance with daily personal and hygiene tasks, such as meal preparation and bathing
  • Community services, such as adult day care programs
  • Costs associated with being admitted into a nursing home or assisted living facility

Long Term Costs

The costs of long-term care vary from state to state. Research shows that in 2013, the national average for a semi-private room located within a skilled care facility was roughly $91,000 each year, or $250 each day. The lower estimate of this yearly cost was $54,000 for Louisiana skilled care patients, and the higher estimate was roughly $170,000 for those in metropolitan New York.

Long Term Care Insurance Misconceptions

There are a number of misconceptions that surround long-term care insurance. For example, many individuals believe that Medicare covers the costs of long-term care services. However, this is not true. Medicaid covers some of these costs for low-income individuals. Additionally, a number of states have cut costs contributed to long-term care coverage for Medicaid patients, making proper coverage an uncertainty.

Middle Income Needs LTC Most

Wealthy individuals may have sufficient finances to cover costs, and low-income individuals may receive Medicaid coverage. But where does this leave middle-income individuals, who comprise the majority of the population? Experts suggest that these individuals are the ones who most need long-term care insurance. These individuals typically have too much income and savings to qualify for Medicaid, but too little income and savings to be able to cover the full costs of long-term care.

Contact us today to discuss your need for long-term care insurance and how we can help.

Auto Insurance

Auto insurance helps to cover drivers from accidents that involve their cars, trucks, motorcycles, and other vehicles. This type of insurance can cover individual drivers or families with multiple drivers and multiple vehicles. Auto insurance coverage is available to protect against financial loss that would occur from physical damage to the vehicle. It can also provide coverage for bodily injury to the insured members or other drivers, as well as other types of liability that may result from an auto accident.

Protection Against Theft or Damage

Depending on the type of auto insurance a driver has, coverage may include financial loss from any theft or property damage to the vehicle. If the insured driver was responsible for an auto accident, appropriate auto insurance can cover the costs of vehicle damage or bodily injuries to other drivers as well.

Injury Coverage

When the insured driver or other drivers are injured, auto insurance can help to pay for mounting medical bills. In some cases, auto insurance will help to cover lost wages faced by injured individuals who are unable to work because of their injuries. In the event of death from an auto accident, it may also help to cover funeral expenses to provide relief for family members.

Auto Insurance Requirements

Not only is auto insurance essential for protecting drivers from the hazards of the road, it’s also required by law in every state. Each state has certain minimum requirements for the types of auto insurance needed for drivers. If you’re unsure of the legal requirements for your vehicle, we can help. Let us evaluate your unique driving needs, habits, and risks to determine the optimal auto insurance policy for you.