California Long Term Care Insurance Information and Rates
Long term care insurance is used for the payment of costs associated with custodial or other non-skilled care for persons who have lost the capability of performing some tasks of daily living, such as bathing or cooking. Long term care can be performed in your own home or in a nursing facility.
Because of the different levels of care necessary it is difficult to fully estimate the costs, but over 10 percent of people who enter a nursing facility will stay there for 5 years or more. The expense of nursing care will only be provided by medicaid after your personal assets have been completely exhausted, and because of this long term care insurance is very important for persons with assets that they are trying to protect.
Long Term Care Insurance LTCi
Long term care insurance normally works by paying a set daily benefit after the elimination period has expired, and the criteria for triggering the policy have been met. Usually the less restrictions to the policy taking effect, and the higher the daily benefit or shorter the elminination period, the more expensive the coverage can be. There are also various lengths to the policies, and they can be as short as two year benefit periods, up to five years or longer.
Long Term Care Annuity
Long term care insurance coverage can also come in the form of a hybrid annuity product that is intended to grow the money inside the policy in the case it is never needed by paying a return, much like any other form of savings, however in the case Long Term Nursing Care becomes necessary, the funds can be used with no penalty or with additional benefits, depending on product, in order to cover the expenses of nursing care.
Questions or Quotes for Long Term Care
If you have any questions about this type of coverage, or would like a custom purposal done on your behalf, please contact us anytime, and we'll get back to you as quickly as we can with answers to your questions or the quote you requested. We work hard to make sure we offer the best products, and have your policy services in the best way possible.