Long Term Care Insurance – Should You Get It?

When you grow old, you would expect that your children will also have a family of their own and you can see your grandchildren grow. By this time, it would be too much burden if you would let your children take care of you since they have their own responsibilities to attend to and with old age, you would surely require more attention and help especially when it comes to doing your activities of daily living. That is why you might want to map your long term care plans by this time. You can find out long-term care insurance agent in Tacoma via http://www.lavineltcins.com/tacoma-long-term-care-insurance-agent/.

Three Ways To Pay For Long-Term Care

  1. Pay for in-home caregivers and assisted living/nursing homes out of pocket. This is expensive and can often deplete a family’s life savings.
  2. Meet a very specific poverty level and qualify for government assistance through the Medicaid program. Unfortunately, options are limited, only paying for nursing homes that accept Medicaid.
  3. Buy a Comprehensive Long-Term Care Insurance policy. This protects your family’s assets from the rising costs of caring for someone who needs full time care. An employer might pay the tax-deductible premiums. Consider buying it at a younger age, when more affordable and accessible.

 It must be bought before a major illness strikes. Medicare and regular health insurance does not pay for long-term care. The average cost for a person who needs long-term care is $40-$70,000 annually, depending on where you live, plus the cost to the family caregiver who may have to leave their job.

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