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Long Term Care Insurance is often misunderstood.
More and more Americans are living with chronic illnesses such as Parkinson's, Lou Gehrig's Disease, Multiple Sclerosis and Alzheimer's. In addition, traumatic injuries, strokes and cancer can leave thousands of people, both young and old, dependent on long term care.
The expenses associated with long term care are not covered under your traditional health insurance plan. Long term care services you may need in the future are considered "private pay". In other words, the person receiving care pays for these services out of his pocket. Most often, this money comes from a life savings.
There are newer policies called HYBRID LONG TERM CARE INSURANCE, which features a life insurance component with a long term care rider. If the insurer needs long term care, it pays benefits towards those expenses. However, if the long term care is not needed, the policy works very similarly to a traditional life insurance policy with a death benefit benefit paid to the beneficiary when the insurer passes away.
Long Term Care Insurance helps cover the costs of care when someone cannot take care of himself due to an extended illness, accident or disability. The insurance helps pay for in-home aids, personal care attendants, homemaker services, adult day care, assisted living facilities, and nursing home care.
People plan ahead for long term care risk for mainly two reasons:
Please call my office to get more information and/or a quote on these policies.
Baby Boomers who have experienced caring for their parents are increasingly looking into purchasing a policy for themselves so they don't burden their own children.