Creating perfect plans for your health and managing medical bills could help you save lots of more. Not just that, a lot of stress too. Long-term care can be so expensive and quickly become a worrisome burden if you’re paying for it out-of-pocket. But the good thing is one can opt for a long-term care insurance policy now to cover the cost of long term care later when the time comes.
Long-term care will help your health or personal care needs in the form of providing home care, nursing home care, hospice care or qualifying care in assisted living facilities.
Luckily, there are several long term care insurance coverage for aged and senior adult. If you are yet to sign up to a long-term care insurance program, you need to make a move now, especially if you are a senior of if you have an elderly loved one.
What should you consider?
There exist fewer long-term care insurers than in the past, which means that caution is crucial. You will want to select an insurance provider that is financially buoyant and will be there when you need to make a claim.
Available options are also a strong consideration. There are many adjustments you can make to a policy to make it more inexpensive. However, some choices can work against your best interest, such as selecting a policy with just one year of coverage or a one-year waiting time. Long-term care needs that are more than a year last an average of over four years.
Unless you are financially ok, these restrictions can create a huge coverage gap. Search for a company that offers options to cover your financial exposure. In addition, look for companies that offer a waiver of premium, which expunges ongoing premium payments as soon as a claim is approved.
Pick one of these Long-Term Care insurance policies
If you want to sign up for a long-term care insurance policy, it is important that you go for the best. Here are some of the best long-term care insurance policy.
New York Life
Why you should select this insurance policy:
- Death benefits
- Traditional long-term care coverage alongside the insurance
- Flexibility to choose the type of care (you could choose to stay in an assisted living facility, at home, or cared for by a loved one)
- Plans that protect members against inflation, and
- Money-back guarantee if the insurance would no longer be needed.
Northwestern Mutual
Why you should select this insurance policy:
- Coverage available for individuals as young as 18 years up to 79.
- You also have the option of selecting coverage daily limits ranging from $50 to $400.
- Care could be giving at home, at an assisted living facility, or through community care.
- The insurance also comes with death benefits and spousal coverage.
Mutual of Omaha
- It offers three types of premium discounts
- It has an AM Best Rating of A+ (Superior) for financial strength
- Has a long-standing history since 1909.
- Customers can choose to receive either cash benefits or reimbursement for actual costs
- Customers are not obliged to pay monthly premiums while receiving care
- Inflation protection
- Shared care (for spouses)
Lincoln Financial Group
- If you are looking for the best Long-Term Care insurance policy that is fast to kick in with no waiting period, the Lincoln Financial Group is the way to go.
Contact our office if you have questions regarding long-term care insurance or if you need the help of a Medicaid attorney.
Considering Medicaid as an option to Long Term Care?
Medicaid is a program created by the federal government to help disabled and low-income citizens pay for the medical costs they can’t afford. Although it’s the federal government who provided this program, the state controls it.
Middle class households are the most prone to costs of long-term care and could leverage long-term care insurance. Without coverage, a prolonged long-term care stay could result in liquidation of savings and investments or even the sale of your home.
In New York, the Medicaid program pays the nursing home and personal care of qualified New York residents.
Importantly, you need to meet the eligibility requirements which states that your assets must be below a certain threshold. Medicaid can offer coverage in several cases of low-income households who don’t have enough assets or home equity. If you have a considerable amount of assets that can fund up to $100,000 each year for up to three or more years, long-term care insurance is optional.