A Guide to California Long Term Care Insurance

If you are in a situation where long term care is important, there are few facts you want to consider. First, over 12 million people in the United States require long-term care, and half of these people are under 65 years of age. Second, over 5.8 million long term care policies have been purchased in the United States and about 450,00 were purchased in California. Whether you live in the heart of LA or on a sheep farm in northern California, there is a lot you need to know about long term care insurance and what your options are.

Something that a lot of people do is dismiss long term care as something that is covered under their basic health insurance. Unfortunately, this is not the case! While your health insurance might cover a great deal in the way of injuries and medication, a closer inspection might reveal it as deficient in terms of things like providing funding for help with day to day activities like bathing, eating and dressing. This is the kind of care that can be provided in a facility like a nursing home or an assisted living facility. The possibility of needing long term care due to illness or age can be an unpleasant thought, but as you get older, it is imperative that you begin to think through your options and make sure that you are not a burden to your loved ones.

Long term care can be quite expensive, and this is exactly what long term care insurance is meant to help you with. Nursing home costs in California averaged $190 a day in 2006, which comes out to $69,390 per year! Not many people have this kind of money lying around and that isn't even taking into account the price of hospital visits and medication. As statistics tell us that more than 40% of people who turn 65 will spend some time in a nursing home, it is obvious that this matter does require some thought!

When looking for a long term care insurance policy there are a few things to keep in mind. Understand that the premiums will increase to levels that can strain your budget. This is a nearly unavoidable ploy used by insurance companies, who understand that higher rates will force policy holders to cancel before treatment is needed. Budget accordingly and carefully and make sure that you read your policy carefully. One way to go about it is to ignore what you are told by the sales representative and take the document to some sort of legal counsel who can help you understand it. While it might be pricey to buy a legal professional's time, it will be much more expensive to buy a policy you cannot use when it becomes necessary! One place to look for insurance is through your health care agency; see if they can point you in the right direction.

Be aware of your risks and your situation; this can prevent disaster and heartbreak later!

 

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