Caring for the Elderly – Part 2
Long term care insurance: What does it cover? Is it for me?
- Pays for home care, assisted living or nursing home care
- A 50-year-old buying a typical policy—one that would pay a daily $200 benefit for 3 years with a 3% compound inflation option--is now $2,235 annually, according to the American Association for Long-Term Care insurance
- Two options are available: unlimited lifetime benefits OR fixed benefits—make sure you know what you are getting
- Read the fine print on the payout! Know how much and under what conditions your insurance will start paying benefits.
- The best time to buy long-term care insurance is between the ages of 55 - 64.
- Long-term care insurance companies may assess your health before they insure you. Once you purchase insurance, they cannot cancel or raise your rates based on your health.
- Look for a bargain but make sure you read the fine print…sometimes you only get what we pay for.
And finally, remember that God is your ultimate Care Taker. No matter your circumstances, He will provide.
Today's tip brought to you by Mvelopes and Money4Life Coaching.