Long term care insurance is a highly debated insurance.  Many people think it is a waste of money and many think it is a must have.  The fact is, it really depends on your financial situation.

What is Long Term Care Insurance?

This is an  insurance that will cover you in the event you need need daily care for an extended period of time.  It is referred to as custodial care because it is usually designed to help you with activities of daily living, not medical treatment.  The types of activities included are: dressing, bathing, eating, toileting, transferring, maintaining continence.  This type of care is not covered by private medical insurance or Medicare.  Typically, Medicare will cover some costs for up to 90 days and then you are on your own.  It can be extremely costly to an individual and his/her family.  Annual costs in the U.S. are around $70,000.  The insurance is designed to cover the costs of this type of care in the event you are in need.  The care can be given at home, in a nursing facility, assisted living, or an adult day care.  Most individuals prefer to stay at home which is an advantage of this insurance.

The big debate that many individuals have with this insurance is whether or not they will ever use it.  The premiums can be somewhat expensive and often times it is not used by the individual and thus the money is lost.  However, when you do need the insurance, it can be a financial life saver to you and those you love.  If it is designed correctly, it will pay all the costs associated with care in a long term treatment facility or your own home.  The key is that you have the insurance designed correctly.  The agent or company who sells you the policy has the ability to manipulate the benefits in many ways.  Therefore, you need to be sure you are purchasing a policy sufficient for your needs.  To ensure this you need to do a little research and educate yourself.  You can certainly send me an e-mail as well.

Is This Insurance Right for Me?

This is the million dollar question when discussing the topic of long term care.  This insurance is not necessarily right for everyone.  There are many factors that will determine if you need this including your health history, family situation, assets, and many more.  You don't want to pay thousands of dollars for something that you really don't need.  Go to my website to learn more about this topic and how to know if this insurance is appropriate for your specific situation.

You can learn more by going to my website at: http://www.dollarstep.com
or e-mail me at contactus@dollarstep.com

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