If you are at the age of 50 or getting close, you should really get to know more about Long Term Care Insurance. It could save your home, savings and retirement plans.
Here are a few questions / options you might consider:
- What is Long Term Care Insurance?
- Why you really do need this type of insurance!
- How much does Long Term Care Insurance cost?
- Compare insurance packages from other sources!
Remember, it is always wise to consult a Certified Financial Planner or Lawyer well versed in Long Term Care Insurance.
Some things to consider – You may never need long-term care, but you’ll want to be prepared in case you ever do; long-term care is often very expensive.
Although Medicaid does cover some of the costs of long-term care, it has strict financial eligibility requirements — you would have to exhaust a large portion of your life savings to become eligible for it. And since HMOs, Medicare, and Medigap don’t pay for most long-term care expenses, you’re going to need to find alternative ways to pay for long-term care. One option you have is to purchase an LTCI policy.
What’s it going to cost?
The cost of LTCI depends on many factors, including the type of policy that you purchase. Premium cost is also based in large part on your age at the time you purchase the policy. The younger you are when you purchase a policy, the lower your premiums will be.
LTCI is not for everyone. Consider purchasing an LTCI policy if some or all of the following apply:
- You are between the ages of 40 and 84
- You have significant assets that you would like to protect
- You can afford to pay the premiums now and in the future
- You are in good health and are insurable
Read more at this link: LTCI
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