individual Insurance

Individual Long Term Insurance

Written by David Sinatra

Individual long term insurance is something that everyone will eventually use if they have it and this can be due to physical or mental illness or old age. Many find themselves in the position of needing help just to get through the everyday things in life such as bathing, dressing, eating and so on. And having this care can become very expensive. Recent studies have shown that the number of people going into nursing homes is going down but the number going into assisted living are on the rise. The amount to live in a nursing home is higher than an assisted living complex but the cost is not so moocher cheaper that it will make that much of a difference when one is planning for their future. The question is individual long term insurance worth getting? If you think you may need care in the future for an extended amount of time then the answer is yes. If you have to be in a nursing home for 5 or more years do you have the money to pay for it? If not then a policy is a wise choice. Also know that if are over the age of 65 years and you think Medicare will pay for it this is not he case at all. Medicare and private health insurance will not pay for custodial care and your health insurance will not pay for long-term care. If you think that you will be very poor when this time comes then Medicare will probably pay for the long-term care but you must be poor and meet certain requirements. This is something that needs to be checked into before the time comes. If not, waiting to the last minute could leave you in a very bad position. If you are sure that you will meet these requirements then not getting individual long term insurance is the best way to go. By investing in the long-term individual insurance this would only end up saving the state money and not you. If you live in the four states that have a Partnership for Long-term Care program then investing in long term insurance is not recommended because you will not get any extra benefits. Opposite from being poor being rich is not a great reason to invest in long term insurance. If you are rich that you should plan for long term care insurance as an added expense. Now if you fall in between these two groups then individual long term insurance is something that you should invest in. It not only offers a piece of mind but the benefits far outweigh not having it. Having the confidence that you will be able to pay for long-term care if needed is something that goes a long way. And this will in the long run lift a huge burden from your loved ones. If you are under the age of 85 years and better yet if you are under 65 years then this is the time to invest in a policy. Individual long term insurance policies can be obtained at mutual and stock companies and private insurance companies. Many sell policies through senior citizen centers or organizations, retirement centers and through the mail. Many employers are now offering individual long term insurance policies. This is something to invest in if it is offered. The types of benefits offered will differ from policy to policy. Most will cover long term care in nursing homes. But with many of the policies home care can be harder to get through. Many will offer skilled care in your home such as nurses, therapists and LPN. But many policies do not provide home health aides. The problem here is that for most of the day to day care you do not need a skilled professional what you need help with may be things such as getting dressed, bathing cooking and getting out of the house. When choosing a policy be diligent about what is going to be offered when you need it the most. This is especially important if you choose to remain in your home and not a nursing home or assisted living. Individual long term insurance will not pay for the following: Addiction to drugs and alcohol Treatment that is already being paid for by the government. Any injury that may be self inflicted. Any injuries or sickness that came from being in a war. Mental disease. But according to American Association for Long Term Insurance , 43% went towards home care, 33% for assisted living and 24% for nursing home care.  These are considerable concerns when you get older. All policies let you decide how long the benefits are going to last. Though it is hard to judge how long care may be needed its better to be safe than sorry. When choosing individual long term insurance one must weigh all the odds and make sure to do their research. For those unsure sit down with an advisor or a trusted person and compare what each has to offer. The younger you get the policy the less expensive it will be in the long run.

 

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