There are many different types of insurance available in the US today. From cars and health to homes and even your pets, everything can be insured today and people routinely go down this route to safeguard their assets. However, as far as long-term-care insurance is concerned, people don’t seem as interested. Even though the population in America is aging and there is a huge demand for long-term-care facilities, with over eleven million US adults requiring some form of long term aid right now, the overwhelming costs of these facilities can make most people change their mind.
The costs are so exuberant in some cases, that just an hour of home health aide may cost around $20 or even more. The average cost of a regular nursing home is around $87,000 per annum, which is way beyond the means of the average American. It is expected that most baby boomers (people born between 1946 and 1964) will very soon, fall under their poverty threshold, in attempts to provide them with paid care. They may even have to apply for Medicaid, the government’s medical program to provide medical and care facilities to the impoverished in the society.
Then there are obviously some who will save their whole lives and will eventually be able to afford some form of paid care in the future. However, even that is becoming harder in recent years, with many of the insurance world’s biggest companies now opting against offering any long term care insurance. Big insurers like Prudential and MetLife have stopped providing it altogether, while John Hancock and Genworth Financial are trying to get permission from the state authorities to jack up premium prices by up to 20% to 40%, and in some cases even 90%.
If you want to learn more about long term care insurance, then here are the answers you may be looking for.
What is Long-Term-Care Insurance?
This particular policy deals with providing long term service for all your daily requirements. Long-term-care insurance is for people who are no longer able to take care of themselves and need assistance to function in life. Old people, as well as people suffering from debilitating disabilities or a particular disease, opt for this particular policy. Unlike usual health care policies, which provide immediate health care or surgery etc., these policies last over a long time and include everything from nursing homes, therapists and everything in between.
How much does insurance cost?
According to the American Association for Long-Term Care Insurance, a couple above the age of sixty, who are in reasonably good health, should be able to pay an average of $3,335 per annum. The insurance policy will, in this case, also include a payout of $150 of daily benefit, for up to three years. However, it should be noted that these prices can vary greatly based on a variety of factors. The age of the person buying the policy, the inflation and insurance rates at the time, or if you are looking for a higher daily benefit all affect the prices.
For more information on long-term-care insurance, you can contact a Long Term Care Insurance Lawyer close to you.