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Benefits of Long-Term Care Insurance

by janeausten

Having a family member suffering from a chronic disease is a constant worry. It’s even more worrisome, when they need attention and company throughout the day. While family must come first, sometimes, situations don’t allow it. And if you need constant daycare and a nursing facility, it can  burn a huge hole in your pocket.

If you don’t have insurance or a family member to support you during this suffering crisis, investing in long-term care insurance in Phoenix becomes necessary.

What is Long-Term Care Insurance?

Long-term care insurance differs from health insurance as it supports your out-of-pocket expenses for long-term care. It includes expenses for health care at home, nursing home care, and even nursing care at assisted living facilities.

You might need these services if you have a family member over the age of 65 years who is suffering from a disease or disability which affects their quality of life and makes it impossible to carry out the simplest tasks such as eating, dressing, bathing, etc. If you don’t have a family member to help you, or your parents need constant care, and you cannot help them, you need to hire nursing help. These costs are quite high, and long-term care insurance is your option. It covers all the cost of living in assisted living or at-home visits of a caregiver, housekeeper, therapist, companion, etc.

Besides, every long-term care insurance in Phoenix is different. For example, some LTC insurances cover only a certain dollar-per-day-spends. Thus, check with your insurance provider and buy a plan smartly.

Benefits Of Long-Term Care Insurance

The following benefits will accrue if you spend on long-term care insurance premiums.

Your Savings Are Not Drained

Do you know that one hour of home care costs $26 in the USA? It comes down to $208 for a day if you need eight-hour care daily. This amounts to $6240 for a month, which means it will soon drain your savings.

But it is an inevitable expense that you can’t compromise with. Thus, buy long-term care insurance that pays the most and will last you the longest. It will save you from spending all your savings. Besides, your savings might not be enough to cover long-term care needs. So, it also acts as a cushion.

It Covers You Wherever You Are

When your family member is not able to move, dress, eat, or bathe, the available options for them are nursing facilities, assisted living, and at-home care. Medicaid is the largest provider of home-care expenses, and it provides service in all 50 states but does not offer you the freedom to choose your desired place to live. Even though it is not the case in Phoenix, AZ, you need your loved one to live where they want to.

At-home care is the best so they can live among the family in these turbulent times when they are dependent on someone else to perform their daily tasks.

73% of long-term care insurance is offered for at-home care expenses. You can hire a caregiver who will provide the services at your place, offering maximum comfort to the patient. However, assisted living costs are calculated separately and long-term care might add to this expense. So, consider every aspect before choosing a setting for your loved one, as long-term care insurance offers coverage for various settings.

It Offers You Peace of Mind

If a family member needs long-term care, you need to spare time apart from kids, the office, the kitchen, etc. While it stresses and tires you out, leaving them at home without anyone to look after them sounds absurd. What if they need something when you are gone? What if something unwanted happens in your absence? It robs you of your peace of mind.

Hiring a caregiver, housekeeper, or companion will be an affordable choice if you have long-term care insurance. You can leave your loved ones to someone professional and caring, which will also give you peace of mind.

It Makes You Independent

No one wants to be a burden on their family. If you are approaching the age of 60-65, buying long-term care insurance for yourself and your spouse is advised. The policy premium is calculated based on your age, ongoing health problems, past medical history, etc. As you age, the policy premium amount also increases. But still, it saves your lifetime savings. You will receive daily expenses for a certain number of days in a year, and you need not depend on your family. It secures your future and ensures guaranteed professional care in the comfort of your home.

It is Better Than Your Savings

Saving a certain amount and spending it on premiums for long-term care insurance differs significantly. Understand it with an example. Suppose you save $2500/year for 10 years. You will save $25000.

But if you pay a premium of $2500 per year for 10 years, you can get an average of $5000 per month for long-term care insurance (depending on the policy amount you bought).

So, long-term care insurance works better for you.

Who Can Buy Long-Term Care Insurance?

If you are  over 50 years old, it is time to buy long-term care insurance in Phoenix, Arizona. Though, it works for people who are aged 65 years or older and have a disability or chronic disease which requires attention for carrying out daily tasks. The younger you are, the lower your costs will be.

Final Words

Long-term care insurance is an effective way to save your money, ensure better care for your loved ones, and it also allows you to enjoy professional services at home, and that too at an affordable cost. If you fall into the eligibility criteria, buy long-term care insurance in Phoenix now.

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