Long Term Care Insurance
Click Tree of Life below to hear Holly speak on Long Term Care Insurance
As a way to finance nursing home and homeccare costs, many people are purchasing Long Term Care Insurance. This insurance can be purchased through a union as part of a benefits package, or privately. The purpose of the insurance is to pay for the expensive costs of care for both homecare arrangements and nursing home services.
In some States, the insurance is purchased separately and two policies are needed to be covered for both services in the home or nursing home costs. Most people want to stay at home if they become ill and infirmed. So the homecare policies are very popular in States like Florida. The problem is that when the insured becomes ill, they must meet certain degrees of illness in order for the policy to activate. Unfortunately these folks often times never do access the homecare insurance, as their health is too poor to stay home any longer. Since they did not purchase nursing home insurance, the nursing home must be afforded by other means. Many times people have to impoverish themselves by spending down their assets on the cost of the nursing home and ultimately going onto Medicaid.
In New York, a Long Term Care policy covers both homecare services and nursing home care. The policy has a dollar value which is
determined when the policy is first instated. The insured chooses the inflation rider, the daily benefit and the length of time the policy will
cover when purchasing the policy. So for an insured who selects a 5 year policy and a $400 a day benefit, without an inflation rider the value of this policy would be $730,000. When the insured becomes ill and applies for the benefits to activate, the cost of care would determine how long the policy would last. If the insured opted for homecare services with my employment agency, Aging Homecare Registry, the daily cost is $143 per day plus and 18% agency fee, $25.74 per day for a total daily rate of $168.74. The $730,000 value of the policy would last for 4,326 days, or 11.85 years with affordable homecare services.
For more information on Long Term Care Insurance please call me at 718-442-2414. I am a licensed agent for insurance products.
Warmly, Holly
In some States, the insurance is purchased separately and two policies are needed to be covered for both services in the home or nursing home costs. Most people want to stay at home if they become ill and infirmed. So the homecare policies are very popular in States like Florida. The problem is that when the insured becomes ill, they must meet certain degrees of illness in order for the policy to activate. Unfortunately these folks often times never do access the homecare insurance, as their health is too poor to stay home any longer. Since they did not purchase nursing home insurance, the nursing home must be afforded by other means. Many times people have to impoverish themselves by spending down their assets on the cost of the nursing home and ultimately going onto Medicaid.
In New York, a Long Term Care policy covers both homecare services and nursing home care. The policy has a dollar value which is
determined when the policy is first instated. The insured chooses the inflation rider, the daily benefit and the length of time the policy will
cover when purchasing the policy. So for an insured who selects a 5 year policy and a $400 a day benefit, without an inflation rider the value of this policy would be $730,000. When the insured becomes ill and applies for the benefits to activate, the cost of care would determine how long the policy would last. If the insured opted for homecare services with my employment agency, Aging Homecare Registry, the daily cost is $143 per day plus and 18% agency fee, $25.74 per day for a total daily rate of $168.74. The $730,000 value of the policy would last for 4,326 days, or 11.85 years with affordable homecare services.
For more information on Long Term Care Insurance please call me at 718-442-2414. I am a licensed agent for insurance products.
Warmly, Holly