Individuals are now living longer and may find they need long-term health care as a result. This type of care can wipe out a person’s savings in a short period of time. Thus many are now looking to obtain Long Term Health Care Insurance in Houston to help offset these costs. The insurance covers various services and supports, like custodial or personal care, in a person’s home or an independent facility. What are the benefits of obtaining this type of insurance, and when should a person purchase this type of coverage?
Long-term care insurance covers many services that Medicare doesn’t pay for. For example, a person may need help with dressing or bathing every day, yet this isn’t considered to be a medical problem. Daily home health services and nursing homes run in the tens of thousands of dollars every year, making them unaffordable for many, yet they don’t have alternatives. As the United States Department of Health and Human Services estimates 70 percent of Americans over the age of 65 will need long-term care at some point in their life, this type of coverage continues to increase in importance.
Individuals need to decide when to purchase this policy, and many experts recommend a person buy a policy when they are in their mid-50s. Most carriers won’t accept a person with pre-existing medical conditions, and this needs to be considered when purchasing a policy. Some individuals opt to purchase as much coverage as they can afford, without significantly impacting their budget, in an effort to reduce the cost of this care. This is an option that all should think about.
The options offered with this type of policy vary greatly, and the person purchasing the policy needs to understand what is covered and what will be excluded under the selected plan. Speak to an agent today to learn more. A person may find they need this type of care at any point, as there are no guarantees in life. This is one purchase that should not be put off.
