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long term care insurance

What is long term care insurance?

Long Term Care Insurance is a form of life insurance that helps cover the medical expenses associated with chronic diseases and illnesses that require on-going care such as hospital stays, at-home health aids, and more.  A Long Term Care policy can be purchased separately as a stand-alone policy or added to a Permanent Life insurance policy as a rider.

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Why is a long term care policy a good idea for me and my family?

The hard truth is this:  7 in 10 seniors will require Long Term Care at some point in their lives.   

As we age, human beings become statistically more likely to develop illnesses that require a shift in our ability to care for ourselves.  The development of senility, Alzheimer’s, Parkinson’s, or dementia, for example, can make it difficult for a person to perform common daily living activities without assistance.  Many of us have seen this first-hand in our own families.  The cost of nursing homes and in-home care can be devastating for a family’s finances ranging in the thousands of dollars per month.  

Long Term Care insurance greatly reduces this financial burden and psychological strain on our families.       

Doesn’t medicare and medicaid cover the cost of long term care?

Many people have the misconception that Medicare and Medicaid cover the costs associated with Long Term Care.  Sadly, this is not true.  The costs are simply too high to be a part of these programs.  A Long Term Care policy or out-of-pocket spending are the only real options when it comes to footing the bill for extended hospital stays, in-home-nursing, and care facilities to treat patients who require assistance with day-to-day living functions.  

In the United States, a majority of families who have someone that needs long term assistance take the burden on themselves.  In fact, of all the in-home-care workers in the country, 75% of them are family members.  This is an enormous burden on any family resulting in lost income and lost opportunities.  

The bottom line: A long term care insurance policy can protect your financial future

You’ve worked hard to build a financial future for yourself and your family.  Events out of your control that render you in need of long term care services can quickly erode any wealth you have saved over the course of your lifetime.  Nobody ever wants to imagine themselves in a nursing home, hospital bed, or requiring assistance at home but the reality is that as we age, the vast majority of us will find ourselves in this situation at least temporarily.  Long Term Care policies have been saving families from financial catastrophe for many years.  As the baby-boom population approaches their 60’s and 70’s, Long Term Care has come front and center in many households.  

Work with a Long Term Care specialist at Life Coverage Quote to learn more about how money spent preparing today, can help you and your family live your best life years from now.  

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LCQ wants to help you protect your greatest asset. We are happy to answer any questions you might have about how the right disability insurance policy can help provide peace of mind for you and your family. For additional information, don’t hesitate to contact us.