What does a Long Term Care Insurance Policy Cost? The answer depends upon your age, the amount of coverage you want and the length of time you want to be covered, your morbidity factors to name a few.
How much coverage you choose depends upon how much you decide is enough payout to cover your bills should you need to be cared for, usually when you are elderly. In the State of South Carolina, a "bandaid" policy whereby you are self insuring to some extent, would be in the range of $50-$75/day. A more comprehensive policy (but more expensive policy) would be in the range of $140-$170/day benefit. The higher benefit would cover most situations in S.C. including at-home situations as well as nursing home or Long Term Care Facility stays.
How long you choose the coverage to pay out has alot to do with family history. As with any insurance, though, we do not all have crystal balls and do not exactly know when we might need coverage, how much to cover, and how comprehensive of a policy to buy. Educated guesses as to the length of payout can be made though. Do you have relatives who lived a long time after being incapacitated such as Alzheimer's Patients? This mental disability will certainly call for long term care, but tends to linger whereby the person lives for a relatively long period of time in terms of insurance coverage periods. In this case, if you have a family history of alzheimers, you might want to pay the extra premium to buy an "unlimited" or lifetime benefit. Alternately, if your family history leans towards 2-3 year periods of time in which you'd need to be cared for, then you could opt for a cheaper, 2-3 year benefit period.
Morbidity is used when underwriting long term care insurance coverage. The more morbidity factors you have, the higher your premium would be. If you are too much of a risk, you can even be declined for coverage. Some examples of morbidity factors are: Having to use a cane to walk, obesity, rheumatoid arthritis, heart problems coupled with vascular problems, etc. Minor health issues such as cholesterol or high blood pressure are not factors, nor are your smoking habits - these factors will not affect your premium.
For more information on Long Term Care Insurance, call me or visit my website - I am a Local South Carolina Agent!
Best regards,
ash
http://www.ashleybrooks.info/
(803)331-5323
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