Here Are Some Things to Consider Before Buying Long Term Health Care Insurance

As many baby boomers have entered into retirement, the question about what type of health insurance coverage is right for them has become all the more confusing with the ongoing political battles over the president’s Affordable Healthcare Act.

One of the questions that many of those baby boomers have on their minds is whether they have enough insurance to cover their long term healthcare needs.

Well here are a few things that everyone should know about long term healthcare to help those retirees better understand what their long term healthcare costs may cost them.

The cost of long term health care can be quite a shock to the average retiree. Many baby boomers may think they have adequate savings to cover the cost of their health insurance premiums, but they may have a case of sticker shock when they learn how much a long term healthcare plan may cost them.

The cost of a long term healthcare policy can cost anywhere between $1,364.31 a year for a 50 year old who isn’t married, while a 60 year old who is married can pay upwards of $1,803.41 annually.

How long term insurance coverage pays a policy holder’s daily expenses depends on how the owner of the policy sets it up. Long term healthcare works differently from a regular health insurance policy in that it only covers up to a predetermined benefit level that the policy owner decides on, and it does not pay out a cent more.

Healthcare is only going to get more expensive for retirees with a limited amount of savings and assets so it’s in their best interest to investigate whether your state participates in the Long-Term Care Partnership Program.

This program usually allows individuals with long-term-care coverage to protect private assets worth the same amount as their policy so for example if a policy holder used up $100,000 in policy benefits, than they’d be able to keep up to $100,000 dollars of personal assets, and still qualify for long term care benefits through Medicaid.

These are just a few of the things that a retiree has to consider when deciding if long term care is the right solution for their needs, but with the help of the professionals from Pilkington Financial Services it’s a decision that they can get help in making intelligently.