Long Term Care

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Long Term Care Insurance

If you are concerned about maintaining your financial independence in the future, having a choice of services to consider and protecting your assets, consider a Long Term Care insurance policy.

The majority of long term care costs are essentially not covered by Medicare or most health insurance products.  Only 18% of expenses are estimated to be covered.  Medicaid covers nursing home care, but only for individuals who spend their assets down to the poverty level.

The need for Long Term Care insurance is significant.  Long term care represents the largest out-of-pocket expense faced by older Americans.  Almost 50% of those age 65 and older need long term care at some point in time.  Costs average $40,000 per year for nursing home care, and in some areas can exceed $80,000.  Home health care expenses can also be significant.  Many times, the cost of home health care can equal or even exceed the cost of a nursing home stay.

The best time to buy Long Term Care insurance is when you're young and in good health.  If you wait too long, your premiums will be higher, based on age, and you may not qualify based on changes in your health.

What would happen if you were unable to take care of yourself due to an accident or major illness?  OR  Your parents need long term care?  AND 

A Long Term Care policy can help you receive care in your own home.  It covers both nursing home and home health care.  Coverage is available for two, three, five or event an unlimited number of years.  At Boyd-Neelon, coverage is tailored to meet your needs.  You can even choose to have your benefits increase automatically each year to help offset inflation and the rising cost of health care.

Please remember, money alone doesn't buy Long Term Care insurance ... good health does.  The longer you wait to purchase, the greater the cost, and the bigger the risk that you will not be eligible for coverage.

The Boyd-Neelon team uses the best of insurance companies, the ones that are A+ rated.  As well, they provide the most coverage options.  Please contact us so that we may design a proposal for your specific needs.

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