It is very likely that sooner or later someone in your family will be in need of a nursing home or some form of rehabilitative care. According to the Centers for Medicare and Medicaid, it is highly probable that individuals over the age of 65 will require long-term care for themselves or a loved one. Often times, the cost of care can financially devastate a family. To minimize the effects of long-term health care costs, there are some insurance plans worth looking into before a crisis occurs. Purchasing a Medigap policy for instance, can help lower the cost of co-pays and deductibles and there are also some employer plans offered that only pertain to certain health care situations that arise to help alleviate the financial burden. However, to take advantage of these policies, most have to be in effect long before any major health care event happens. 

 
One of the most over looked policies are the long-term insurance plans. Unlike regular health insurance, long-term care policies are designed to cover the costs associated with services in a nursing home setting, assisted living or even an individuals personal residence. Policy holders utilizing these policies are then reimbursed on a daily amount basis up to a pre-selected limit for services. These services address the activities of daily living (ADL'S) needs such as, eating, bathing and dressing. There are a wide variety of policy options and benefits to choose from when considering a long-term care policy. However, the cost is determined based on certain criteria: 
 
How old is the individual at the time of purchase
The maximum number of days or years that the policy will pay
The maximum amount paid for per day
The total amount per day multiplied  by the number of days to figures the lifetime maximum amount the policy will pay
Any benefits chosen that are considered optional like those that may increase with inflation
 
Before purchasing a long-term care plan is important to consider what type of policy is needed. There are many long-term insurance policies that are known to have limits on how much they will pay and how long they will pay for it. Some may pay 2 to 5 years, while others for as long as you live regardless of cost. Do your research to make sure the plan you choose is the right choice for you and your family. If we can be of assistance in this process, contact us