Mention long-term care, and most people think of older men. Yet more than 70 percent of nursing home check-ins are women.
Long-term care is an issue for all Americans, no matter their age. The earlier you buy the coverage, the better off you will be later. Additionally, the earlier and younger you are when coverage is bought, the less the premiums are. For example, if you start paying on a long-term care policy in your early 40s, you would pay around $5,000 a year. If you wait another 10 years or so, you would be paying at least $7,500 or more annually.
Still not comfortable with the idea of preparing for the future? Did you realize that the kind of care you may need when you are older is usually not covered by a traditional health insurance policy and it is not covered by Medicare, no matter what you might think? Medicaid only offers limited, if any, coverage for long-term care, but that is only after you have spent all your own money.
If you are a female, you need to know how to plan and act on your long-term care needs. With nursing home costs running about $70,000 to $80,000 a year, any savings you may have can rapidly vanish. Act now and take your long-term care into your own hands.
Wondering what is covered by a long-term care policy? A policy like this can address a variety of services that may include, but are not limited to, adult day-care, nursing home care and in-home health care. What you get is dependent on the amount of coverage you want and can pay for. Some policies include an inflation adjustment. Be prepared to pay more for this option. You can opt to go for a lifetime policy, but the more common ones are two, three, and five years. The final cost will depend on the level of benefits you want, health factors and your age.
If you are looking to lower the costs of your premium, then speak to an insurance specialist about the elimination period before your coverage starts. This can range from no days and coverage that starts right away, or you can opt for 180 days and pay your own costs. In other words, the longer the elimination period, the less expensive the policy will be.
Take the time to speak to an experienced insurance specialist about long-term care policies for women. It will be well worth your long-term peace of mind.