Long-Term Care Insurance – Is It Right For Your Family?

April 22, 2014

What Is Long-Term Care Insurance?

Whether a business owner purchases it to offer a valuable employee benefit, or an individual uses it to protect an elderly parent, long-term care insurance (LTC) is coverage designed to help pay for extended medical and non-medical services that would otherwise be paid out-of-pocket. In 2007, 8 million Americans were protected with LTC, with $3.5 billion in long-term care claims paid, according to the American Association for Long-Term Care Insurance (AALTCI).

While some LTC insurance plans cover nursing home care, other plans provide coverage for a range of services including care in an adult day care center, assisted living, and formal or informal in-home care. LTC insurance plans pay benefits to you and anyone else you designate, such as a spouse, parent, or child. Depending on the policy, it will either pay a fixed amount or reimburse you for services provided.

Do I Need It?

Similar to homeowners, health, and auto insurance, LTC insurance helps protect you, your loved ones, and your assets. When an elderly person falls ill and lacks insurance, the burden to pay for medical care often falls on family members – and that cost can be substantial.

Considering the emotional struggles that result when a loved one requires this type of care, the last thing you’ll want to think about is a steep financial burden as well, and LTC insurance plans help you avoid this added stress.

How Does It Differ From Disability Insurance and Health Insurance?

Medical insurance and disability insurance do not protect you and your family in the same way that long-term care insurance does. In fact, health insurance plans typically cover only 30 days of recuperative time, whereas LTC insurance plans often cover two years or more.

Although disability insurance replaces your salary in the event of an injury, it fails to cover ongoing medical care. Medicare is even more restrictive, reimbursing you on average only 28 days, with a maximum of 100 days.

How Much Does It Cost?

Premiums vary, depending on your age and health conditions when you purchase the policy, as well as the amount of coverage you desire. Although the cost of care in nursing homes and assisted living facilities varies from state to state, the average yearly cost of a nursing home in 2010 reached $80,850, according to Long Term Care Insurance Tree.

This represents a significant expense for many families, so it’s best to be prepared. Purchasing LTC insurance at a younger age is a smart idea, considering that you are likely to be healthier and receive a lower premium. However, the AALTCI reported that only 33 percent of all Americans who apply for this type of insurance apply at the age of 55 or younger.

Coping with a parent, spouse, or child’s illness is never easy, but long-term care insurance can help protect you and your family. Contact your independent insurance agent to find the best policy for your family’s specific needs.

Long Term Care Insurance – How To Pay For It With Ease

April 15, 2014

You know the importance of long term care insurance and you’ve made up your mind you really need to get it. However, you also realize that it will cost you some extra after getting your auto, home, health and, perhaps, life insurance. Here’s how you can easily pay for it…

But before I go into how you can easily pay for it, let me take time out to ensure we’re all on the same plate. This provides for you if you need care above and beyond such a period when your health insurance will no longer give you coverage.

It will cost you around $100K to stay in a nursing home for a year. And if you’re a couple, that’s around $200k. Long term care insurance will take care of you if you have to spend time in a nursing home or use specialized care providers at your home. It saves you the pain of seeing your life investment go to waste because you have to pay for prolonged care. It also allows members of your immediate family have a life of their own in the event that you need such long term care.

If you’ve not looked after a sick elderly or anyone who needed special care for a protracted period you can only guess how stressful it is. I’ve had first hand experience and believe me, it takes a lot from you. Furthermore, you, the recipient of such long term care, will have a feeling of worthlessness at the inconvenience you’re causing your loved ones.

Now, how can you pay for it with ease? This is my recommendation: Visit three reputable insurance quotes sites and get your quotes. And to make it even easier on yourself, also get quotes for your existing insurance policies like auto, home, health and life. Why should you do this? You should do this because you will save several hundred dollars on your current policies. Unless you’ve taken out time to do this not so long ago, you could be paying much more than you should.

Done well, the savings realized could fund your premium albeit partly. Therefore, take your time to do this well.

Looking For Auto Car Insurance Quotes? Get the Best Deals Online

April 9, 2014

For most of us, it is in their nature to usually search for the best deal achievable when shopping for an item. Others, whether they’re rich or simply loose with their cash, do not care what products cost provided that they obtain what they want at the time they want it. Most, or number of economical people, is more apt to wait for an item or price shop a product if it means that they’ll spend less.

This may include buying something for a cheaper price. online, shopping at a discount store or waiting to purchase the newest technology until after the craze dies down and the price declines. Normally there are exceptions to this, but many individuals who care about where their bucks are spent do invest time making sure that what they buy is worth the cash they invest for it.

There are several items which individuals spend money on that they do not have much say in the price and are required to have. For instance, if one is going to take a baby in a moving automobile, they’re legally forced to have that baby in a correct child car seat. An additional example would auto car insurance quotes and policies. Although a person may not agree with the price and may not want to pay the price of getting indemnity protection, everyone is required by law to have insurance on automobiles they own. However there is not a lot of choice when the law is included, even if individuals do not personally think that these things are required.

In contrast to infant car seats that are made by several select manufacturers, there are a huge selection of companies which offer auto car insurance quotes and issues automobile policies. Due to this, individuals have a greater choice in which policy they buy. Individuals who decide to buy their policies through a broker may not get the wide selection that other people will get when they shop on the internet.

The simple truth is, brokerages are limited to giving auto car insurance quotes for the parent company for which they independently contract through. Whenever a person accesses auto car insurance quotes via the internet, every company that provides indemnity coverage via online procedures will be displayed.

Supply and demand is really a concept that falls under easy economics. This concept can be merely reduced to saying that the greater the supply of a product, the lower the price becomes.

Much like this, the more companies that are competing for clients, the improved ability for a consumer to access much better prices because of the competition. Auto car insurance quotes stick to this particular rule. As more insuring companies combat for customers to be able to stay competitive in the market, the more the buying power a consumer has.

As a result, if one really wants to obtain the best rates possible, they need to make businesses compete for their patronage- and the simplest way to get this done when searching for automobile protection is to access auto car insurance quotes online.

Benefits of Auto Collision Insurance

April 1, 2014

Driving is a privilege not a right, and all states in the United States require some form of liability auto collision insurance. There are many different insurance companies that offer different types of coverage depending on the vehicle you drive, what you are using it for, and what you want them to pay for in the event you have an accident. Of course the cost associated with these factors will vary as well and can also be influenced by the age of the driver, the driver’s record, and the location the driver will be using the vehicle. All companies charge drivers a premium or a monthly fee in exchange for an agreement that says the company will pay money to fix your car, others’ property or medical bills, your medical bills or anything else that is agreed upon. Usually the insured has a predetermined one-time payment in the event of an accident called a deductible that they will have to pay. This payment will remain the same no matter how much money the insurance company has to lay out to fix damages as a result of an accident.

Types Of Coverage
It is against the law to drive in any state in the U.S. without some type of insurance coverage. The most basic liability coverage will allow you to drive your car legally and will cover monetary amounts up to a predetermined amount in the event you hit another car, someone or something. This basic coverage however may not include fixing your car.

The next step up from basic liability coverage is comprehensive and collision, also called “full coverage”. This type of agreement in general states that the insurance company will pay a predetermined amount for certain types of accidents and will also fix your car. A deductible is applicable with this type of agreement where the insured pays a one-time fee or a portion of the total damages and deductibles can range anywhere from 100 to 500 dollars in most cases. Insurance companies will often let people choose when purchasing the policy which deductible they would like to have however you may pay more in premiums or monthly fees if you choose to have a lower deductible.

Which Type Is Right For You?
Insurance companies set predetermined amounts of money they will pay out in the event of an accident. Some typical thresholds are 20,000 dollars for property damage, 100,000 for medical, and so on. These values can be changed with some companies however your premiums may go up or down depending on how much more or less coverage you want. If you have a brand new car it would be wise to put full coverage on it because if you crash it into anything, most companies will pay up to the fair market value of the car. If only basic liability coverage is purchased, the insured would get no money to fix the vehicle. Most lien holders, banks or lenders that lend money to purchase the car, require that a person get full coverage on the vehicle as a term of the loan. If you own a less expensive or junker type car, it would be wise to only get basic liability coverage as most damage to vehicles can be notoriously expensive to fix and paying higher premiums for full coverage when the company will call it a total loss anyway does not make any sense.

Auto collision insurance is a very important responsibility to owning a car. If people were allowed to drive without insurance and they hit someone or something, there would be no recourse for other drivers to fix their vehicles, get high cost medical attention, or fix their property. Accidents happen whether we want them to or not and having the right type and the right amount of insurance can be the difference between getting things repaired and otherwise taken care of or having a huge problem on your hands and potentially facing civil or criminal penalties.

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