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Do I Need Long-Term Care Insurance?

by OnlineInsurance Staff on August 16, 2010

Figuring out how to support a family on a modest budget can often be difficult. There are bills to pay and college education to think about later down the road. What would happen to your family and their dreams for the future if something bad happened to you? Life insurance pays out if you were to die, but what if you were disabled or needed long-term hospitalization? The costs of ongoing care can spell financial ruin for many families, but the expense can be offset if you look into online insurance quotes for long-term care.

Many companies offer long-term care insurance as part of their benefits package, but you can also buy it on the private market. Just search for long-term care online insurance quotes and compare features.

What Is Long-Term Care?

Long-term care is often used by those who are chronically or terminally ill, but is sometimes needed in other situations as well. It is mainly utilized by people who are unable to perform certain daily activities without help, or those who require supervision because of a cognitive impairment such as Alzheimer’s disease.

At times after an accident, a patient may also need many months of rehabilitation in a nursing home or other skilled medical facility to recover completely. The services provided may not qualify for payment by most medical insurance plans, but could be covered by a long-term care insurance policy.

What Is Long-Term Care Insurance?

Long-term care insurance helps pay the medical bills for ongoing treatment of a number of conditions. Typical services that might be included are nursing homes, adult day care, assisted care facilities, and home health aides.

Depending on the deductible you choose, the state you live in, and your general medical background, your rates will be different. To estimate how much your long-term care could cost, use a long-term care calculator. Then search for online insurance quotes to compare costs and benefits before you decide on a policy.

Most of us plan to live a long time, and that means we’ll probably end up needing long-term care at some point. The average cost of long-term care has been steadily rising in recent years, as well as the number of people who need it. To support your family and protect their financial freedom, make sure you are covered with a long-term care insurance plan.

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