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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.

Most Common Types of Personal Insurance

Personal insurance is a broad term used to describe certain types of insurance that help to cover the personal property and liability issues that an individual may face. Each individual’s personal insurance needs will vary. These needs depend on a number of factors, such as the type of property an individual is responsible for and the types of work or other activities an individual is involved in that may create certain liabilities. Being evaluated by an insurance professional is a critical component of staying personally, legally, and financially protected. Contact us to discuss which types of personal insurance you may benefit from.

Auto Insurance

Auto insurance is one of the most popular types of broad personal insurance. This is mainly because some form of auto insurance is required by each state, with laws that vary among states. Even those who rent or lease automobiles are required to have some sort of auto insurance coverage in place to protect from injuries and accidents that may occur on and off the road.

Types of Auto Insurance

There are several types and combinations of auto insurance available to drivers. These types of auto insurance are available to protect an individual’s property and liability, as well as any medical issues to drivers or other individuals as a result of an auto accident. The needs of each driver will depend on a number of factors, which is why it’s important for drivers to be evaluated by an insurance agent to determine which forms are most appropriate.

Common types of auto insurance include:

  • Liability insurance
  • Collision coverage
  • Comprehensive coverage
  • Personal injury protection
  • Uninsured and underinsured motorist protection

Homeowners Insurance

While homeowners insurance is not necessarily required in all areas, it is highly recommended. This is especially true for homeowners who live in certain areas that may present more risks to home damage, such as areas where hurricanes or earthquakes are more common than other areas. Apart from the value of the home itself, homeowners insurance is an important factor to protect all of the valuable belongings that are kept inside the home.

Homeowners insurance can help to protect from potential issues such as:

  • Loss or damage from fires or lightning
  • Vandalism and other types of malicious mischief
  • Snow, ice, or sleet
  • Falling objects that cause damage
  • Damage caused by faulty or damaged domestic appliances
  • Theft or damage of personal belongings, such as jewelry, antiques, and art

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