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 Long-term care insurance

Long-term care insurance helps provide a financial cushion for long-term care services such as nursing home, home health aide, and personal care. This type of insurance is designed to payout the equivalent of 36 months of maximum benefits in the event a policyholder needs to enter long-term care services.

While most people are familiar with long-term health insurance, most individuals aren't familiar with the concept behind long-term care benefits. Let's talk about what it is and how it differs from other types of assistance or plans.

Wondering where you should even start when researching about Long Term Care Insurance? The place to start is here: https://www.insuranceusa.com/long-term-care-insurance.

The average lifetime cost for a couple to pay for long term care services reached $220,000 in 2012. These costs are rising at a rate that has nearly tripled over the last 20 years. Most people assume these costs will continue to rise, as well. You have two choices for financially protecting yourself and your family from these staggering costs: 1) Pay the cost out of your own pocket or 2) Buy long-term care insurance coverage. If you want to protect yourself, then we recommend the latter option because it is a much smarter choice that won't jeopardize your financial future. And regardless of your age, you need to make this decision sooner rather than later because you may not have the luxury of time.

There are three different types of long-term care insurance: 1)[LTC life insurance] – This type of long-term care insurance is designed to pay out a benefit if the policyholder or spouse needs long-term care services.

2) [LTC supplemental life insurance] - This type of long-term care insurance is designed to provide extra coverage should long-term care be needed before the main policy covers it. 3) [LTC cash value policy] – This type of long-term care insurance is designed to pay out a benefit based on interest and a margin. It is usually the least expensive option, but it is generally used for temporary needs as opposed to permanent needs.

For more information, contact us now at 866-264-9297: https://www.insuranceusa.com/long-term-care-insurance.

Related term: Long Term Care Insurance

Long-term care insurance helps provide a financial cushion for long-term care services such as nursing home, home health aide, and personal care. This type of insurance is designed to payout the equivalent of 36 months of maximum benefits in the event a policyholder needs to enter long-term care services.

Types of Long Term Care: Nursing Homes, Hospice, Adult Daycare and Home Health

Long Term Care Insurance: What's in a name?

This is one of those topics that many individuals feel strongly about (and are very opinionated about). The basis for their passion is that most people believe "If it isn't broken, why fix it?" or "It's not like I'm going to need this anytime soon" or "I'll just fake my way through this discussion so I can look like I know what I'm talking about.

Whatever the reason, the names and synonyms for long-term care insurance might be confusing. We're here to help clarify what they mean so you can better understand this important topic.

Long-Term Care Insurance – This is a generic name that references any policy that pays out in the event of long-term care services. These services could include nursing home costs, hospice and adult daycare services. Examples of long term care insurance payouts include but are not limited to: room and board, meals, life necessities (medications), housekeeping supplies, transportation (ambulance), etc..

Long Term Care (LTC) – This is a generic term that references any long-term care services. Examples of long-term care services include but are not limited to: nursing home, hospice, adult daycare services and home health aide services. Long-term care insurance payouts include but are not limited to: room and board, meals, life necessities (medications), housekeeping supplies, transportation (ambulance), etc..

Retirement Insurance

It's a good thing we live in a world where you can always find someone who has more mama grizzly knowledge than yourself. You can't possibly know everything about something as big as retirement planning!

Here are some retirement questions to ask yourself and most importantly, know the answers to!

What is an annuity? People often think of life insurance when they hear the word "annuity". This is because it's a way to save for retirement in a safe, guaranteed way. Unlike some other methods of saving for retirement like 401ks or IRAs, with an annuity you have absolute assurance that you will have money in the future. In fact, federal law requires every company with an employee pension plan to offer an annuity option.

How does an annuity work? An annuity is a contract between you and an insurance company. You give the company your money, they invest it on your behalf, and at a later date they give you back some of it as cash (with interest) and keep the rest to pay for future benefits. You must decide how long you would like to make payments into the annuity in return for guaranteed future income. For example, if you buy an "income for life" annuity that means that if you die before a certain age, your heirs will receive a lump sum instead of monthly payments.

Does the annuity I choose have to pay a certain amount of money? Since annuities are legally required to have an income guarantee (there may be exceptions), the most common type is "straight life". This means that you must make your payments until death. You do not need to worry about the interest rate, because you will receive payments in full.

How does an annuity work for retirement? An annuity works best when you use it as part of your overall retirement plan. In addition to providing a pension income, an annuity can provide a lump sum (sometimes called a "cash balance") at retirement or for other needs like medical expenses in the future.

Conclusion

Hopefully after reading this you learned what an annuity is. An annuity will give you guaranteed income for the rest of your life. In a perfect world, you have no interest in gambling with your money, this gives you security and peace of mind. It also is a great option for anyone who wants to live on their own or doesn't have anyone to care for them in the future.

It's not easy being old and alone and having to rely on others or yourself for everything! You want to know that your money won't run out when you reach a certain age… That's where an annuity will help.