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How long term care insurance works.

What is long term care insurance?
It is insurance that can cover items not included with health insurance, such as: skilled nursing care, custodial care, assisted living facilities, adult day care, and hospice care. A study by the U.S. Department of Health and Human Services says there is at least a 40% chance you will need long term care after the age of 65.

Do you need long term care insurance?
LTC insurance isnít just about age, as it will also provide assistance to someone who is terminally ill. Purchasers of LTC insurance most likely donít need immediate coverage, but rather are assuming their need for help with daily living activities will increase as they become older, and that they will struggle to pay the cost of that assistance. Purchasing LTC insurance before you need it best; once a change of health occurs long-term care insurance may not be available.

How much does LTC insurance cost?
That will depend on your health, age, deductibles, and the type of coverage you want. Prices can range from $600.00 per year for a 50 year old to $6,000.00 per year for an 80 year old. Your premiums generally remain the same each year, which means that the younger you are when you first buy a policy, the lower your annual premium will continue to be.

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