Protect your future with long-term care insurance from Team
You might not be thinking about it, but what if later in life you will need help taking care of yourself? How will you pay for the care expenses? One way to be ready for the expenses you may encounter is buying Long-Term Care Insurance. This type of insurance will cover the costs of care you need, including routine daily activities, such as dressing, bathing, or getting in and out of bed.
Long-term care is the extra assistance you might need to help maintain your quality of life. According to statistics, 70% of Americans age 65 or older will require some form of long-term care. Long-term care costs can quickly add up, and they are not covered by life insurance policies, such as Term Life, Whole Life, or Universal Life Insurance policies. Governmental health insurance plans, like Medicaid or Medicare, provide extremely limited coverage for long-term care, with different conditions that need to be met, or no coverage at all.
Things to Consider:
If you do not purchase separate Long-Term Care Insurance, your assets can be depleted very quickly, including your income and savings, your spouse’s income, and the funds you were planning to leave for your children. Your family members, who will act as caregivers in the event you require long-term care, are not always prepared, be it financially, physically, or emotionally. Choosing the right Long-Term Care Insurance policy may cover the costs of your long-term care and provide you choice and flexibility in deciding how you will receive it.
Planning for your long-term care needs will help you preserve your assets, protect your caregivers’ emotional and physical health, give you flexibility in the choice of insurance policy, cover your temporary and permanent long-term care needs, and leave a legacy for your loved ones. Speak to one of Team Insurance’s representatives, and we will help you find the insurance policy suitable for your needs.
Most people start purchasing long-term care insurance when they are in their mid-50s or mid-60s because the insurance carriers will not sell insurance in the event a person already suffers from a condition requiring long-term care. The benefits for care will be available if you are unable to perform two of the six daily activities, including bathing, dressing, caring for incontinence, eating, transferring, and toileting. The costs of your insurance premiums will depend on your age and health, gender, marital status, insurance carrier, and amount of desired coverage.
Get in Contact:
We at Team Insurance strive to help you in selecting the Long-Term Care Insurance policy specific to your individual needs. Get in touch with us today to receive your fully customized insurance quote. Discover the different coverage options and see how we can make a difference in your life!
Popular Coverage Options:
Indemnity
This type of coverage will consist of full monthly payments sent directly to the owner of the policy. The benefits that will not be used for long-term care expenses can be used for any purpose. Generally, with indemnity style policy you will not have to provide monthly bills or receipts to collect your benefits.
Reimbursement
This type of coverage will reimburse you for your monthly benefit or long-term care costs, whichever is lower. The facility where you receive care can bill the insurance company directly for qualifying claims, and you will be responsible for paying for all non-qualifying charges out of pocket.
Guaranteed Minimum Death Benefit
Even if all the policy benefits were spent on long-term care, your loved ones will still receive a guaranteed minimum death benefit that your family can use to pay final expenses or leave as a legacy to the children.
No Loss of Money
Even if you do not use the money you invest in long-term care insurance, it will not be lost. Choosing the right insurance policy will guarantee that unused funds will go to your family through the receipt of a death benefit. Moreover, some policies offer flexibility and options for the return of premiums.