Long-Term Care Insurance Options

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Securing a long-term care insurance is important as you grow older. This is because you will be needing help when it comes to your finances and daily living when you retire.

Nursing homes can be one of the possible alternatives. But it is costly: the bills may range up to $70,00 to $90,000.


With such high a cost for long-term care, it may be better to seek for another cost efficient alternative. One of them is Medicaid. Unlike Medicare, this can cover long-term care costs. The only thing you need is to have a limited or low income to qualify.

It is one the best options if you wish to go for its nursing home coverage. But in order to attain it, you have to have it five years before you get to have its assistance in long term care costs. That is because of its 60 months provision on your assets.

Long Term Care Insurance

Having a long term care insurance policy is also one of the great options you can go for. This comes in two versions. Below are the following.

Comprehensive coverage

This policy can cover long term care costs ranging from the following: home-administered, assisted with living facility, nursing home, adult day care center, and hospice facility.


This option is strictly limited to long term care in facilities like a nursing home. Another great feature of this policy is the fact that it is cost efficient.

The premium costs of the insurance decreases when you have purchased it at an earlier time. Also, it depends on how your long term care duration. That is for the rest of your life or only for a short span of time only. Its benefits may affect the premium as well as its built-in inflation adjustment.

Options to consider

This insurance has a three-year duration policy since many seniors do not spend most of their long-term care in nursing homes.

Include an inflation adjustment because this is important to 65 year old people or younger. But if you are not sure about all these, then you may go for the one the one with a three-year duration with daily benefit that has inflation adjustment than the one that goes for a lifetime but only has a lower daily benefit.


Posted by Ardent Editor on Mar 10 2009 in Retirement 101

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