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Many people can expect to need Long Term care at some point in their lives. When you buy a Long Term policy through your work, you may have access to unique underwriting concessions. Employer Long Term programs also offer discounts not available to the individual market. Also, several of the companies will offer convenience of payroll deductions for the policy provided. This could be a huge convenience for the employee. One of the other benefits for the employee is that they can choose to take your policy with them into retirement. If you leave the company or retire you will begin to pay the premium but have the option to keep it in force. When an employer gets a policy for their employee, they also can add in the additional benefit of covering the entire family. This type of policy can become a huge part of your retirement portfolio as it only takes one long term care event that could quickly wipe out your savings or assets.
Long Term Care Insurance has the same future as all other insurance policies and the rates are based on the age and health of the client. The sooner you invest in a long-term product the lower the premium will be. The age of the policy or the years that you have the policy in affect will determine how much you will have to utilize as a payout for your long-term care.
Long Term Insurance provides full coverage or partial coverage for the cost of long-term care that associate with the activities of daily living. Some of those activities are eating bathing, dressing, and other needs. The need for Long Term Care may be due to having a diagnosis that will require daily assistance, a chronic illness or possibly an injury that will require an extended care at a rehabilitation center. There are no age limits to how young you can get these types of policies, but the use of the policies will be determined by the diagnosis.