Looking for long term health insurance? Good – you’re making the responsible decision for you and your family. Senior living facility insurance or long-term care insurance can help you avoid unaffordable medical bills later in life.
Too many people find themselves spending all their retirement money and hard-earned savings on their long-term health care. Learn how you can prevent this from happening to you by purchasing long-term health insurance
Keep reading for 4 things you need to know when buying senior living facility insurance.
1. Research Coverage by Medicare and Medicaid
Before you look into long term care insurance, find out if you will qualify for Medicare or Medicaid. Medicare is the federal insurance program for people over the age of 65. It may cover some long-term costs but usually will not pay for senior living facility expenses. In this case, it may be in your best interest to buy additional insurance for long term care.
Medicaid offers health insurance benefits based on income level. If you qualify for Medicaid, it will likely cover most or all of the costs associated with long term care. If you qualify, you may not need to spend money on more coverage that you won’t use.
2. Consider When to Buy Senior Living Facility Insurance
People start to wonder, should I buy long term care insurance in my 40s? Or later? While there is no specific time that works for everyone, the recommendation is to purchase long term health insurance for things like senior living when you are in your 50s.
At this point in your life you are still healthy and on your way to retirement. When you apply in your 50s you may pay less in premiums because you are in good health.
Don’t wait until you’re sick to look at long term care insurance. If you have questions or are ready to create a plan, contact EPG insurance for more information. They specialize in senior living facility insurance.
3. Ask About the Elimination Period
The elimination period describes the amount of time between when become sick or injured and when your benefits begin. During this time you have to pay medical costs out of pocket which can be expensive.
If you are financially stable, an elimination period of 30 days may not be a burden. However, if you have very little savings, a long elimination period could be troubling.
Always collect as much information about your insurance policy as possible before signing, including the elimination period.
4. Gauge Your Risk
You may not be able to predict the future. But you can use things like current health status and family health history to decide what level of long term care you might need.
If you believe that you will one day need full-time home health care that requires more money than a part-time aide. Or if you imagine that you’ll want to live in a senior living facility, find a plan that will cover those costs.
Planning for Your Future
Senior living facility insurance is part of planning for your future. And while you hope to live a long and healthy life, there may come a day that you need additional care.
Use the suggestions above to find the right insurance plan for you. You can sleep soundly knowing that you will be well taken care of later in life.
If you want more health and lifestyle content, check out the other articles on our site.