What is Long Term Care Insurance?
Long term care is the broader term for various services that assist an individual in performing daily activities and tasks when they can no longer perform those tasks themselves. It can be a home-help service, a full-time caregiver, all the way to nursing homes and hospices. Long term care can be temporary, or last until the end of the individual's life.
Anyone at any age could find themselves needing long term care, particularly following an accident, although it is more common to require it later in life.
The Cost of Long Term Care
While some may be able to rely on their children or other family members for long term care, most people will have to find a way of funding it themselves. When looking to fund long term care, there are several options:
- Acquired equity
- Sale of property or other assets
- Long term care insurance
- 401K rollover
- IRA rollover
Most people do not realize that the cost of long term care can be financially devastating for those that do not have adequate savings or other means to cover it.
In the state of Illinois, a room in a nursing home can cost up to $6,844 per month, while in-home care and assisted living costs over $4,000 per month. Multiply that amount over several years, and you can see how quickly the costs may escalate.
Another issue is that many people choose to wait until later in life to start thinking about long term health care insurance. When we are young, we believe we are invincible, and it does not cross our minds to start saving for the possibility of needing care.
Elgin Long Term Care Insurance
Most people start thinking about how to fund long term care when they are aged between 55-65. However, it is never too early to consider how you might cover it should the need arise. The earlier, the better, in our opinion.
There are several long-term health care insurance solutions available in Elgin, so depending on your needs and circumstances, you will find that one of them will suit you best.
Whole Life Insurance
– This allows you to draw money from to use for long term care, otherwise known as a hybrid policy. The advantages of this option are that the premiums are fixed upfront, and, if you do not end up needing long term care, the money will go to your heirs, or you could invest it yourself.
Fixed Annuity Plan with Long Term Care Benefits
– This allows you to use its value to cover the first few years of long-term care. If care is required beyond the coverage of the annuity plan, you can take out additional coverage.
Long Term Care Insurance Policy
– This policy could end up being more cost-effective, depending on your personal circumstances and risk factors.
Whichever option you choose, you will have the peace of mind that you are going to be adequately covered if you need to receive long term care. Additionally, it removes the risk of having the burden placed on loved ones and family members, giving them the chance to enjoy quality time with you instead.
How to Find Out More about Long Term Care Insurance in Elgin
If you are based in the Elgin area and are interested in discovering more about long term care insurance, then contact the Ryan Braden Insurance Agency today. We are one of the most specialized long term care insurance companies in the Elgin area. We emphasize building relationships with our customers to understand what they need the most from their insurance coverage.
If you would like to contact us
and talk about your long-term care insurance requirements, please call us at (815)739-2740 or email us at email@example.com. If you are ready to receive a quote, we will be happy to provide you with one.
When you speak with one of our representatives, you can expect to enjoy a polite, courteous, respectful, and prompt service from the Ryan Braden Insurance Agency. We explain our products in clear, easy to understand terms and look for the best fit for your needs and budget. We are not satisfied until you fully understand everything and are 100% happy.
It is never too late, or too early, to start thinking about long term health care insurance, and the Ryan Braden Insurance Agency is committed to finding the best coverage for your needs. We are looking forward to hearing from you.