Who would take care of you if you were bedridden for a few months? With the costs of home care and assisted living facilities increasing each year, aging baby boomers are thinking ahead and buying long-term care insurance.
Pueblo, Colo. - infoZine - Long-term care services are needed if you have a chronic illness or disability that leaves you unable to care for yourself over an extended period of time. And usually, this type of care isn't covered by your health insurance plan or by Medicare. Find out what type of coverage is available with the new, free publication "Guide to Long-Term Care Insurance" from the America's Health Insurance Plans and the Cooperative State Research, Education, and Extension Service of the U.S. Department of Agriculture.
Like other insurance, long-term care insurance enables you to pay a premium to protect against the risk of much larger out-of-pocket costs. Factors, including your age, the level of benefits you select, and the length of time you're willing to wait until benefits begin, affect the cost of your premium. A financial advisor or a licensed long-term care insurance agent can help you compare policy features and premiums.
Before you buy, read the "outline of coverage" that describes in detail the benefits, limitations, and exclusions and compare it with other policies. Does the policy require a hospital stay before paying nursing home benefits? Is Alzheimer's disease covered? What is the age range for enrollment? These are examples of some of the options you need to consider when choosing a policy.
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