Long Term Care insurance is more important than ever. With the aging population, the cost of long term care is on the rise and supply catches up. In California, the average cost of a private room in a nursing home is $8,669 per month, and the average of a home health aide is $5,529 month. Without Long Term Care insurance, these costs can quickly deplete a person's wealth. Protect yourself and your loved ones by investing in Long Term Care insurance.
How It Works
The simple way to think about it is that you are passing the payments for care off to the insurance company. Let them carry the risk should you need it. And if you don't ever use it, you can get your money back.
Long Term Care Insurance is a type of insurance covers the cost of long-term care services. These services can assistance with daily living activities such as, dressing, and eating. policyholder pays a premium to the insurance company, and in return, the insurance company pays for the cost of long-term care services when needed. The may have a waiting period before benefits are paid out, and there may limits on the amount of coverage provided.
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There are multiple ways to pay the premium for Long Term Care, some come with life insurance and 100% money back guarantees.