Long-Term Care Insurance.
Contact The Cafro Agency for help with long-term care insurance in Windham County CT. With some insurances, it pays to purchase a policy early while rates are low. With other types of insurance, you must first qualify for a policy. Many people who want to get long-term care insurance want to take advantage of discounts and lower rates. Call the Cafro Agency to discuss your options for long-term care insurance and to learn whether you can “health-qualify” for it. As your health is the single most important factor in determining the cost of your premiums, good health may earn you discounts. Changes in your health can make it harder or even impossible for you to health qualify for long-term care insurance. Insurance is expensive, but without it, the cost of long term supports and services may wipe out your nest egg within a few years. You need to talk to someone who can show you how to plan for the worst: call the Cafro Agency.
THE FACTS ABOUT LONG-TERM CARE
To date, only 8 million Americans have purchased long-term care insurance. The number of Americans age 85 and older is growing more quickly than the rest of the population. While medical advancements may be increasing our life expectancy, this increases our chance of requiring long-term care at some point on in our lives. The problem is that long-term care costs thousands of dollars per month, and it isn’t covered by Medicare or health insurance. Until your family is faced with the dilemma of a debilitating condition, you just don’t know what this can cost you in the short or long term. Three of the most common conditions that require long-term care generally occur later in life: cancer, Alzheimer’s disease, and stroke. Fall injuries are also a major cause of fatal and non-fatal injuries in people over 65, and can lead to admission in a skilled nursing facility.
The fact is that neither health insurance, Social Security, nor Medicare will pay for costs and services associated with recuperation or assistance in daily life. Personal care or custodial care describes eating, bathing, dressing, and daily monitoring. Until you or a loved one becomes disabled, you wouldn’t know that the cost of care in Connecticut may average $400 per day. The average stay in a nursing facility in Connecticut is 2.5 years. Another sobering statistic: 20% of Americans will require long-term care that lasts more than 5 years.
PLAN EARLY
A plan to provide for long-term care is critical to any retirement strategy. It’s important to begin planning early, since long-term care insurance premiums increase after the age of 50. Annual premiums for long-term care insurance plans can vary, and they depend on age, health, and coverage. Considering the average length of stay in a Connecticut nursing facility is 2.5 years and the daily expense averages $400 per day, it’s cost-prohibitive for the unprepared. How to finance the provision of high-quality services so that the costs are manageable for families and governments will remain a primary challenge. You or a loved may need to prepare for long-term care, yet don’t know where to turn. Talk to the experts at Cafro Agency Insurance and get your questions answered. Call 860-779-DAVE for a consultation today.