CARDINAL WALKERHUGHES INSURANCE
  • Services
    • Auto Insurance
    • Home Insurance
    • Life Insurance
    • Business Insurance
  • About
  • Meet The Team
  • Quote
  • Contact
  • News
  • Client Portal

Long-Term Care Insurance - When should we be thinking about it?

2/8/2017

0 Comments

 
Long-term care insurance is used for when you have to go to a nursing home, assisted living facility or even for in-home care.   Any of these events can be financially devastating to a family.

As an endorsed local provider (ELP) for Dave Ramsey - we agree with his assessment of the importance of the coverage.   Especially when 69% of people over the age of 65 will require long-term care at some point in their lives.

I know this first hand with my parents.   My dad had coverage and after heart surgery, he had to have in-home care for several months.   After he met the waiting period, the policy began to pay for all of the bills he accumulated.

He got healthy enough to no longer need the in-home care and the policy stopped paying, but later on when he had another episode, care was needed again - the policy stepped up and since the waiting period had already been met - it began to pay his bills immediately.

When you should get serious about looking at the coverage?

We recommend age 60 or older is the best time.   Yes it is cheaper when your younger than 60, but the likelihood of you needing the coverage is very small.  (unless of you have a family history of health problems).

Average nursing home stay is about 2 1/2 years (per survey done by Morningstar).   Costs can range greatly - I will tell you from personal experience it is around $4,000 a month for assisted living and $7,500 a month for nursing home stay.   At that rate - any nest egg that you might have saved up will vanish.

NOTE:   Medicare does NOT pay for long-term care.

For more info on Long-Term Care - Dave Ramsey has a very good post - 

http://www.daveramsey.com/blog/long-term-care-why-age-60

0 Comments



Leave a Reply.

    Archives

    December 2018
    September 2018
    May 2018
    March 2018
    January 2018
    December 2017
    November 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017

    Categories

    All
    Business Insurance
    Long-Term Care
    Personal Insurance
    Videos

Clients

Client Portal
Report Claim
Forms

Services

Auto
Home
Life
Business

Support

Contact
FAQ
Terms of Use

Company

Meet the Team
News
Location
Careers

GET A QUOTE.

Picture
Picture
Picture
Picture

Contact us today!

File a claim, make a payment, or learn your account balance.
24/7 Claims Service
Please call:
317-786-9236
claims@cardinalinsurance.com
Customer Service
info@cardinalinsurance.com
317-786-9236 local

Agency Location
Cardinal WalkerHughes Insurance,
918 Fry Rd, Ste E
Greenwood, IN  46142

Picture
  • Services
    • Auto Insurance
    • Home Insurance
    • Life Insurance
    • Business Insurance
  • About
  • Meet The Team
  • Quote
  • Contact
  • News
  • Client Portal