With higher life expectancies, baby boomers entering the retirement phase, and changing family dynamics, the demand for long term care has significantly increased in recent decades. According to the American Society on Aging, Americans over the age of 65 have a 75% likelihood of needing professional assistance as their lives come full circle. To provide for a retirement plan that covers all contingencies, individuals must determine how to finance long term care. Basic health insurance plans and Medicare do not cover the costs for such services. In 2007, a private nursing home room cost more than $250 per day or $94,000 per year. It is predicted that by 2030, services from home health providers and nursing home stays will be unaffordable for many retirees, who will lack the funds to pay for expenses associated with the former.
Fortunately, through long term insurance coverage, individuals can ensure that they and their loved ones are protected, in the event that the insured needs extended care during his or her lifetime. Long-term care insurance serves many objectives, including the following:
-
It helps defray the cost of rehabilitation training or skilled nursing care either at home or in a nursing home;
-
It furnishes the assistance needed to perform daily chores such as dressing, eating, cooking, and bathing;
-
It enables retirees to maintain their independence, even in the face of an illness or accident;
-
It provides care for Alzheimer's and other forms of cognitive impairment;
-
It protects the insured's assets; and
-
It equips the policyholder with greater autonomy regarding how and where to receive care, should he or she need it.
As a general rule of thumb, consumers should only purchase long-term care insurance after comparing numerous policies. Shopping for the optimal long term care insurance coverage is a secure and simple undertaking. An extensive array of online long term care quote services are available for prospective policyholders. Long term care insurance quotes offer the most cost-effective and efficient way to research a host of financing options from top-rated and reliable carriers in the industry. A long term care insurance quote enables shoppers to search for thousands of policies with the click of a mouse, from the privacy of their homes, hassle-free and at no cost. Consumers may compare the features and current long term care insurance rates of different policies in the marketplace. The privacy and confidentiality of applicants' information on the long term care quotes form is protected. The simple online quote request form takes less than five minutes to complete, and the substantial savings generated over the course of the policy's term make it worth the while. The applicant obtains the no-obligation quote in minutes, along with the rates and policy comparisons. Typically, all that is required is that consumers enter the following information:
-
State of residence;
-
City and zip code;
-
home phone number;
-
Email address;
-
Birth date;
-
Marital status (separated, single, divorced, or married);
-
Gender;
-
Classification of their overall health;
-
Use or non-usage of tobacco products, and
-
Per diem benefit sought (generally $100 to $300/day).
Upon clicking the 'submit quote' button, prospective policyholders are immediately presented with a list of brokers and agents that best match their long term care insurance needs. The instantly-produced personalized analysis generally contains the following information:
-
An overview of each long term care provider's size, experience, and financial health ratings
-
A complete, apples-versus-apples comparison of different insurance policies' features and prices.
Consumers may customize additional long term care quotes once the first quote is displayed.
Long term care insurance rates and plans vary from state to state, and the two leading criteria in computing an applicant's premium are 1) his or her age and 2) his or her health. Consumers should take into account the following key factors when requesting long term care insurance quotes or purchasing coverage:
-
Option to obtain custodial nursing home care or to receive home health care;
-
Long term care provider's financial reliability and strength rating;
-
Availability of a cost-of-living adjustment (COLA), which would raise the requested daily benefit annually for purposes of keeping up with inflation;
-
Qualification of the long term care insurance policy for tax purposes (a tax-free policy); and
-
A life-guaranteed policy that the insurer cannot cancel by citing poor health reasons.