Understanding Long Term Care Insurance

Basics Of Long-term Care Insurance

Relying on others for your daily tasks or activities is not appreciated. But old age is when, if you are suffering from a chronic disease or disability, it becomes a necessity. But if your family can’t offer you the necessary care, you need to rely on assisted living or home healthcare. 

However, the costs of long-term care can be spine-breaking, and you need an insurance plan. So, if you have never heard about it, this is the time to learn the basics of long-term care insurance.

Read this blog, learn about long-term care insurance, and hire an agent to assist you in buying long-term care insurance in Phoenix that will prevent you from spending your hard-earned money on medical bills.

What Is Long-Term Care Insurance?

Long-term care insurance is available for people above 65 years of age or those with a disability who are unable to perform their daily rituals on their own. Many people might not have anyone to take care of them, so they need care. It includes help for daily activities, such as bathing, eating, dressing, etc.

This care may be provided at a nursing home, home, assisted living, adult daycare center, etc.

The cost of the care is quite expensive. For example, if you opt for care services at home, it can amount to more than $50000 yearly. In a nursing home, the same might cost up to $100,000 annually.

To cover these expenses, long-term care insurance is a good choice, offering a fixed amount up to a daily limit. It lasts until you reach your lifetime expenses.

In short, if you invest in long-term care insurance, you can cut down your care costs significantly.

Who Can Buy Long-Term Care Insurance?

Anyone between the age of 50 and 65 can buy long-term care insurance. In addition, you can buy it even if you are not the beneficiary or insured.

For example, if you want to buy an insurance plan for your parents, you can do so. You will be registered as the payer, your parents will be registered as insured, and they will be able to avail of the benefit.

How Does Long-Term Care Insurance Work?

You need documents to prove your medical condition to buy long-term care insurance. It might also require an interview where your health will be evaluated. A doctor or nurse authorized by the insurance company might visit you and, after careful evaluation, submit a report on whether you are unable to do any of the activities of daily life, such as bathing, dressing, eating, etc. 

After you are approved for the plan, you can choose your coverage amount and start paying the premium.

Insurance plans have different elimination periods, such as 30, 60, or 90 days. Only after the elimination period does the insurance company reimburse the costs. There is a cap on the daily cost reimbursement.

It is advised to take the help of a professional, such as our experts at Heroes Financial Group, who can help you get the best long-term care insurance in Phoenix.

How Much Does a Long-Term Care Insurance Cost?

There is no fixed premium for long-term care insurance. However, there are several factors that aid in determining the cost of premiums for your long-term care insurance.  


The older you are, the lesser time you have, and thus, the higher your premiums are. 

Marital Status:

If you are unmarried, the premium is high. The premium cost is less expensive for married couples. 


Women have a longer life expectancy when compared to men, and thus, they need to pay a higher premium. 

Amount of Coverage:

The more coverage you want, the higher premiums you need to pay. What are your lifetime benefits, how much daily limit do you need, the elimination period of your plan, etc., all play a crucial role in determining insurance cost. 

You must hire an experienced and professional agent to help you out and one who can get you the best deal. 

Is Long-Term Care Insurance Worth It?

There are several reasons why Long-Term Care insurance is worth it. Some of these are stated below: 

Long-Term Care Insurance in Phoenix

Out of the numerous plans available, it’s still difficult to choose the right one. You need an agent who will get the best deal for you. Our professional agents at Heroes Financial Group are skilled and knowledgeable and work on your behalf.

Searching different products, understanding your specific needs, finding tailor-made products for you, etc., are some of the tasks our agents diligently handle.

Book an appointment today or contact us for more details.

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