One other vital issue is that almost all seniors who want LTC solely want it for a short while, for instance, after they’re recovering from surgical procedure. For these individuals, Medicare covers in-home well being care and nursing dwelling stays of 100 days or much less after a hospital keep of greater than three consecutive days.
So who ought to take into account shopping for a coverage?
LTC insurance coverage insurance policies take advantage of sense for individuals who can afford the month-to-month premiums, and who’ve belongings of at the very least $150,000 to $200,000 or extra that they need to defend, not counting their dwelling and automobiles.
One other issue to weigh is your private well being and household well being historical past. The 2 most typical causes seniors want prolonged long-term care is due to dementia or incapacity. And nearly half of all individuals who stay in nursing houses are 85 years or older. So what’s your loved ones historical past for Alzheimer’s, stroke or another disabling well being situation, and do you might have a household historical past of longevity?
That you must think about gender, too. As a result of girls are likely to stay longer than males, they’re at larger danger of needing prolonged LTC.
After evaluating your scenario, in case you’re leaning towards shopping for a coverage, do your homework. The price of premiums can range vastly, ranging wherever from $2,500 to $8,000 per 12 months for a pair, relying in your age, the insurer and the coverage’s provisions.
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