Here are we with a complete new topics on what is long term care insurance and long term care insurance cost. Before begin I want to make a short background about long term care insurance.
What is long term care insurance :
Long term care insurance(LTC) is a type of insurance that supports them financially to overcome their chronic disease. Many of the people may be victim of long term chronic diseases and it is very impossible to shut that problem out from our pocket money. Basically in this type of situation what we need is a kind of financial support on our daily or alternatives days for the medical expenses. This long term care insurance covers all type of medical expenses that are not covered under health insurance. For example if a person has a kidney problem and is needed to do dialysis every week then this insurance will support financially. As a way this long term care insurance helps to get a total benefits of $170000 for the three years time. The daily benefits equal to about $155 a day. The first policy expires after three years and the insured need to renew the policy for the second time.
Most of the people have joined this term life insurance after a certain age of 55-64 years. However while purchasing the policies by the age group more than 60 years have to pay more premiums compared to other age groups. As they being attacked by different chronic diseases. This insurance is most popular in USA, UK and other American countries.
How to qualify for long term care insurance :
The minimum requirement to become eligible for the long term care insurance is that the person should be unable to complete task by themselves. The person should have a clear mention of the chronic disease on his report. Also the person should be at that stage for at-least 85-90 days. Besides these long term care insurance also checks out the present health status of the person and if it is a serious disease then the insurance will finally qualify insured.
Things to consider before buying long term care insurance policies :
Before getting into the insurance the person should take some things to consider while purchasing long term care insurance like in an average cost for the visit of the nursing home is more than $70000 a year which is about minimum of $2100000 for three years. If you do not understand and compare the policies then you may suffer a great loss in a near future. The insurance companies coverage are very low and you will be going to pay a high premium for the policies in further addition with extra expenses for medical treatments. Most of the people have lost their everything due to this type of great expenses. If a person can have can be treated in home i.e Home care then it cost some cheaper compared to nursing home. This will help the people to get some relief from excess expenses.
Long term care insurance cost in USA :
Now lets talk about the long term care insurance cost in USA. These policies will provide a good home care facilities along with some skilled care services to the insured. As a part of the benefits the insured will get a 3 years benefits. The benefits will also bound by 5% per year.
1. For age group 55 - For 55 age group single individual the maximum benefits that they can get is $180000 and if the individual reached at the age 75 then he may get $400000. The average cost that the individual need to pay is $2000 per year whereas for the maximum cost it is about $3000 per year.
2. For age group 55 couple : Yes the cost of the single individual and the couple differs a lot compared to single individual the couple can get a good amount of discounts. Preferably for this shared policy the benefits that they can get is up to $400000 and when the age limits to 75 then the person may get $650000 and the average cost for the policy is about $3500 per year.
3. For age group 55 couple having separate policies : For the couple having separate policies the insured get the benefits same as combined or shared policies however the cost of this policy is slight greater than that of combined policy. The average cost of this insurance policy is about $4000 per year.
These three are the main types of policies that the long term care insurance mainly provides to its users. These are long term care insurance costs. These costs are mainly provided by most of the average insurance companies.
I hope this article may help you out for your curiosity.
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