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Elderly Parents in Valley Center Can Benefit From a Long Term Insurance Policy
What’s the best way to pay for care for elderly parents? In Valley Center and across the nation, the same kinds of discussions play out between seniors and their loving family members—what financial help is available, whose resources will pay for help, how to balance cost with the rest of the family’s needs, and many other considerations. Long-term Care, or LTC, insurance is one solution that is growing in popularity. Is it a good fit for your family?
LTC insurance, like health insurance, consists of periodic payments in return for benefits if you need them later on. If seniors own an LTC policy, it is very easy for them to get services like in-home care at a low price, with most of the cost covered by their insurance. Of course, with a high likelihood that seniors will eventually need either nursing home or in-home care, this benefit is very important.
Buying a Policy
The earlier you begin paying for an LTC insurance plan, the lower the payments are. If you are looking years ahead to the time that your parents will need care, you are in a prime position to lock in a low rate. If your parents are already elderly and in declining health, it’s a different story, but you may still find an insurance solution that costs less than paying for care out-of-pocket.
The Bottom Line
On average, an Long-Term Care insurance policies cost just under $2,000 per year if purchased before age 55. That amount increases to over $3,000 if they are over 70, but compare that with the average cost of a year in a nursing home: over $40,000. The benefits of each plan are different, but in most cases investing in LTC insurance is a decision that relieves family members of thousands of dollars in responsibility over many years.