How does long term care insurance work?

As scary as it is, eventually, we all grow old. Later in life, you might need extra help with day-to-day activities, and that’s how long-term care insurance can help you.

If you fall chronically ill or have a disease such as Alzheimer’s or Dementia, long-term care insurance can help you. These policies can help cover the cost of care in different areas, whether that be your house, an assisted living facility, or a nursing home.

As you get older, budgeting these costs into your financial plan becomes more and more critical. The earlier you start planning, the better. You must purchase a policy before you need it, and the typical age is between 50-60 years old.

So, why should you get long-term care insurance? 

  1. More than half of elderly people will develop a disability that requires long-term care.
  2. Long-term care is not included in your health insurance.
  3. Paying for long-term care out of pocket is a financial burden.

So, how can you get long-term care insurance? 

You will have to apply for long-term care insurance. This application will ask you questions about your health. You also might have to do an interview answering more similar questions.

After, you can choose how much coverage you want, and that will have to be approved as well. Once accepted, you start paying premiums, and you’re set up with long-term care!

You are eligible for benefits within long-term care when you are incapable of doing two or more daily activities, which include bathing, incontinence, dressing, eating, toileting, and transferring.

Getting older can be scary but preparing is powerful. Here at Avery Hall, we are here to help you.

For more questions, feel free to Contact us here or call us at (410)-742-5111 today.

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