Senior Care Center Publishes Article About Long Term Care Insurance

Senior Care Center1, a free online resource that helps families find assisted living facilities for their loved ones, recently published a new article on Long-Term Care Insurance. The article explores long-term care insurance and how it can be used to cover assisted living costs. Those who want to read more can find the full article on Senior Care Center1’s website.

Casey Ryeback, a representative for Senior Care Center1, says, “If you are planning a long-range financial plan, especially if you are in your 50s, you need to make sure that you are considering the costs of long-term care and make a decision as to whether or not you are purchasing long-term care insurance. Leaving these matters for later is never advisable, and a lot of people are not as aware of the situation as they should be. This is why we’ve published our article on long-term care insurance and all the things that relate to it.”

Long-term care refers to a range of services that assist with basic personal tasks of everyday life. These tasks, also known as activities of daily living (ADLs), commonly include bathing, dressing and eating. As Senior Care Center1 states, as people age, there is a high chance that they will need some form of long-term care. Around 70% of people turning 65 will need help with their ADLs in the future. However, it is an unfortunate fact that facilities and agencies that provide this care can get very expensive. According to Senior Care Center1, these high expenses mean that about 83% of long-term care is ultimately provided for by friends or family, and 65% of older adults that need long-term care rely heavily on their friends or family for financial assistance.

This is where long-term care insurance comes in, as it helps cover the costs of care in a variety of locations, including the elderly person’s home, a nursing home, an assisted living facility or an adult daycare center. If family or friends do not have the time or money to pay for or to become a senior citizen’s caregiver, this insurance is a perfect way to secure that care. This gives everyone involved peace of mind. However, it is important to know the details. The full article, which covers a lot more ground, can be found here: https://srcarecenter.com/article/a-complete-guide-to-long-term-care-insurance/.

Information shared by Senior Care Center1 shows that, according to the American Association for Long-Term Care Insurance, the average annual premium for LTCI in 2019 was $2,050 for single males age 55, $2,700 for single females age 55 and $3,050 for married couples who are both age 55. These prices can be out of reach for most people, which is why only 7.2 million Americans have long-term care insurance. However, Senior Care Center1 explains that, ultimately, rates will differ depending on a variety of aspects like age, health, gender, marital status, insurance company and amount of coverage.

While there are a lot more pieces involved before picking one option (all of which are covered in detail in Senior Care Center1’s article), the article advises that it is important to compare policies and find the one perfect insurance company that best fits a person’s needs. According to Senior Care Center1, the largest providers of long-term care insurance today include Bankers Life & Casualty, Genworth Financial, MassMutual, Mutual of Omaha, New York Life, Northwestern Mutual, Transamerica, National Guardian Life, John Hancock and more.

Once a person has picked a policy, the insurance company will have them fill out an application and answer some health-related questions. The insurer might ask for medical records and then schedule an interview by phone or face-to-face. Long-term care insurance is unfortunately not covered by the Affordable Care Act, which means one can be denied coverage. However, if one qualifies, they will get to choose the amount of coverage they want and begin paying premiums.

Those who want to learn more about Senior Care Center1 and their services are welcome to visit the agency's website at the following link: https://srcarecenter.com. They encourage interested parties to get in touch with Casey Ryeback directly via email or phone for further details. The company can also be reached through the contact form on their website. Senior Care Center1 maintains a presence on social media where they frequently post updates, share media and so on.