What is Long Term Care Insurance?

Kristy DonahueHealth Insurance, Life Insurance

Long Term Care Insurance is insurance that will ensure that you will be able to afford the expenses that come with aging or as a result of a serious or prolonged illness.  Long Term Care Insurance goes into effect when policy carriers are having difficulty with basic daily functions such as bathing, dressing etc. The policy reimburses the policy holder a daily amount to assist in paying for the services of an assisted living facility, community organization or to an individual who helps provide care within the home.  Unlike most insurance policies, Long Term Care pays out over an extended period of time. The daily reimbursable dollar amount that the policy will pay is dependent on how much coverage is purchased. Likewise, so is the cost of the insurance. The younger the person is when it is purchased, the more affordable the premium becomes. 

Long Term Care Insurance has become more popular in recent years due to the fact people simply live longer and the skyrocketing price of prolonged care. According to a 2019 survey cited by Seniorliving.org the monthly expense for assisted living in the United States averages out to $4000 a month per person. Now factor in that this fee excludes other living expenses such as medication, mortgages, transportation etc. and the necessity for such insurance reveals itself quickly.   

No one likes to think about the future when the future they are pondering is laden with potential illness and fragility. However, it is always important to plan for a future of one’s own choosing. Steps taken today will allow individuals to assert some control over how they will spend their final years. The comfort that comes from knowing what that future will look like is important.  So is the security of knowing that your twilight years will not potentially lead to bankruptcy or financial burden for one’s self or their family.

The future is coming. Like is or not. The privilege that comes with planning for one’s self shouldn’t end with the commencement of retirement.  Let us show you how. 

Ready to get started with Long Term Care Insurance?
Contact us or give us a call at 505.305.5290

Insurance 4 Small Business (i4SB)
Protect your business, your employees & yourself.
Slingshot company.