Short & Long Term Care and Disability Insurance
What is Long Term Care Insurance?
Long-term care insurance is a type of insurance that individuals can buy to help them finance any potential future long-term care needs they may have. Depending on the type of policy purchased, Long Term Care Insurance could help a person pay for extended care in a nursing home or assisted living facility, or it could also help pay for the cost of extended home-based care. Long Term Care insurance policies are designed to fill the gap that has been created between current available resources and the considerable cost of long-term care. Long Term Care coverage offers asset and income protection when the need for Long Term Care becomes necessary. Premiums for Long Term Care insurance policies are based on your age at enrollment: the younger one’s age at the time of application, the lower one’s premiums will be throughout the life of the policy.
How Much Does Long Term Care Insurance Cost?
Long-term care insurance is much less expensive than paying for long-term care needs out-of-pocket. Primary consideration in the cost of a policy include:
- Age at policy issue
- Plan design
- Marital/Couple status
- Group Sponsorship
- Elimination and Benefit Periods
- Insurance Company
Should I buy Long Term Care Insurance?
Many people make the decision to purchase Long Term Care Insurance for the following reasons:
Control and Access to Quality – Owning Long Term Care insurance allows you to choose your type of care, as well as who delivers the care rather than being restricted to low-cost or affordable options.
Independence – Long Term Care insurance can provide options to remain in one’s home instead of obtaining care in a nursing home or similar setting.
Asset Protection – Long Term Care insurance can save money and ensure that personal savings and other assets will be used for the purpose originally intended rather than paying for long-term care health expenses.
Taxes – Long Term Care insurance premiums can be tax-deductible.
How to Choose a Long Term Care Policy
There are many choices to make when deciding on the type of Long Term Care policy to purchase. Policy holders have the option to select various daily benefit amounts, benefit periods, and waiting periods before benefits begin. In addition, there are many different types of policies and riders to consider. A Personal Touch Insurance agent can explain the details of each of the available options and will help in the selection of the best policy for your needs. Contact Personal Touch Insurance to get started.
What is Short Term/Disability Income Insurance?
Short Term or Disability Insurance is an insurance plan that provides for periodic payments of benefits when a person becomes disabled and is unable to work. The insurance product is designed to replace anywhere from 45 to 65% of your gross income on a tax-free basis should illness keep you from earning an income in your occupation. Every disability policy is different and should be assessed by the consumer based on the quality of plan created for the individual’s needs and not by the cheapest disability insurance policy on the market. Many people do not plan for the possibility of a debilitating accident or illness during their working years. A head of household, for example, should consider disability insurance a necessity. A qualified insurance agent can assist the consumer with exploring the sources of income the consumer will need and have available during a disability. Contact Personal Touch Insurance to learn more about this important earnings protection program.