Happy-Senior-Couple-Embracing-on-Tropical-BeachLong-Term Care Disability Insurance Houston, Addison, Forth Worth, Denton, TX.

10 THINGS YOU SHOULD KNOW BEFORE BUYING LONG TERM CARE INSURANCE

Long Term Care is Different from Traditional Medical Care

Anyone with a prolonged physical illness, a disability or a cognitive impairment such as Alzheimer’s disease often needs long term care. Long term care services may include help with daily activities, home health care, respite care, hospice care, adult day care, care in a nursing home or care in an assisted living facility.

Long Term Care Can Be Expensive

The cost depends on the amount and type of care you need and where you get it. In 2001, the national average cost of nursing home care was $56,000 per year, assisted living facilities reported $22,476 per year and home care costs ranged from $12,000 to $16,000 per year.

You Have Options When Paying for Long Term Care

People pay for Long Term care in a variety of ways. These include using personal resources, long term care insurance and Medicaid for those who qualify. Medicare, Medicare supplement insurance and health insurance you may have at work usually will not pay for long term care. Long term care insurance will pay for some or all of your long term care.

Don’t be Misled by Advertising

Most celebrity endorsers are professional actors paid to advertise, not insurance experts. It is also important to note that Medicare does not endorse or sell long term care insurance policies, so be wary of advertising that suggests Medicare is involved. Do not trust cards you get in the mail that look like official government documents until you check with the government agency identified on the card.

Make Sure the Insurance Company is Reputable

To help you find out if an insurance company is reliable, you can take the following actions: Stop before you sign anything, call your state insurance department and confirm that the insurance company is licensed to do business in your state. After you make sure they are licensed, check the financial stability of the company by checking their ratings. You can get ratings from some insurer rating services for free at most public libraries.

Review Your Contract Carefully

When you purchase long term care insurance, your company should send you a policy. You should read the policy and make certain you understand its contents. If you have questions about your insurance policy, contact your insurance agent for clarification. If you still have questions, turn to your state insurance department or insurance counseling program.

There are many options available!

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