We Will Help You Cover Long-Term Care Expenses
Studies conducted by the U.S. Department of Health and Human Services show individuals who turn 65 years old today have a 70% likelihood of requiring long-term care assistance at some point during their remaining years. Such care can be expensive and may be difficult to cover on social security and pension benefits. But Anchor Insurance can help. We offer long-term care insurance for individuals throughout the U.S. Our friendly team of insurance professionals will meet with you and your loved one to determine what types of care you may need and customize a plan that will help you live comfortably late into life. Call us today to learn more.
What Is Long-Term Care Insurance?
Long-term care insurance pays for caregivers’ assistance with everyday activities such as bathing, dressing, and eating, which Medicare and Medicaid will not cover. It is not limited to senior citizens, meaning anyone who needs help completing daily tasks is eligible. Our agents will help you decide the number of your benefits, how long you want to pay, and when you should start. When you believe your loved one needs long-term care benefits, an insurance provider will evaluate him or her based on the ability to perform six daily activities – bathing, continence, dressing, eating, toileting, and transferring. If he or she is unable to perform two or more of these activities or has been diagnosed with a cognitive disorder, long-term care benefits should begin.
Types of Long-Term Care Insurance
Most people do not consider investing in long-term care insurance when everything is going well. But the need is unpredictable, and you do not want to be left without the ability to pay for your loved one’s care. Taking advantage of long-term care insurance early can help save you money and financial stress when a caregiver’s presence is warranted. Anchor Insurance will help you determine the best strategy and find terms that meet your needs and budget. The main types of long-term care insurance include:
- Traditional Long-Term Care Insurance – This option only pays a benefit for long-term care services. With this model, you are vulnerable to increased insurance premiums and may not receive a refund for unused benefits.
- Hybrid Long-Term Care Insurance – Today, this type of policy is significantly more popular than its counterpart. It supplements your life insurance policy, with long-term care linked to a death benefit. Ask our knowledgeable agents how to combine the two.