Florida Long Term Care Insurance

Most people start thinking about long term care needs as they get older and see their parents and colleagues aging. Often adults in their 50s and 60s start investigating long term care and start purchasing policies at this time in their lives. If you are beginning this process and live in Florida, you may want to read this overview of
long term care insurance in your state.

What is Long Term Care Insurance?

Long Term Care Insurance is not health insurance, in that it does not treat an illness. Long term care helps you maintain your current lifestyle. It helps people with daily living skills. These are skills like bathing, dressing, going to the bathroom, moving from chair to bed and even eating. This assistance can be given at home, adult day care center, assisted living facility or a nursing home.

Long-term care insurance is designed to help pay for long-term care costs. In Florida, insurance companies typically base qualification on LTC on cognitive impairment or the need for assistance in two or three activities of daily living. You need to have a clear understanding of what services your long term care insurance policy offers. For example, here are some questions to ask when considering a LTC insurance plan:

1. Will you get the help you need in any environment or placement; including, your home, adult day care centers, assisted living facility, or nursing home? Or does this policy only cover one site.
2. Does your policy cover skilled nursing care by a registered nurse or licensed practical nurse in all placements or just one?
3. Does your policy include therapies such as occupational, speech and physical therapy if needed for your rehabilitation?
4. Does your policy pay for all or part of your care?
5. What is your elimination period on your policy? Elimination period is the time you must wait after entering a nursing home or using home care before your policy benefits begin. The range could be 0 days to 180 days.

Long-term care insurance policies are not standardized. Be thorough when shopping for long-term care coverage.

Costs of Long Term Care

You are probably wondering about costs of long term health insurance. The best way to get an idea of costs in your state would be to get several quotes from reputable LTC insurance agents or even go online. As with most health insurance policies, costs increase the older you get because the chance of you needing this care increases. If you are younger, think of this insurance as an investment that you will contribute money to for the rest of your life.

LTC costs depend alot on where the care is given. The average annual rate of a private room in a nursing home in Florida now costs $82,125 while a semi-private room is about $74,825. According to an AARP article, the median annual cost for a one bedroom unit at an assisted living facility in Florida was $31,950.

The cost of a long-term care insurance policy is determined by several factors, including:

•The age of the person covered
•The amount of the benefit
•How long the benefit is to be paid
•The types of care covered
•Your health status
•Whether the policy includes inflation protection
•Where you live because states vary in costs

More Decisions

When applying for a long term care insurance policy, you have to decide on how and when the benefits will be allotted. For example, the daily amount of money to pay for your care could be $50, $100, $200 and up. The maximum benefit period could be set up for days, months or years until you reach policy limits. The elimination period or the number of days you pay on your own until your benefits begin, will need to be decided. 80% of people select a 90 day elimination period.

Long term care insurance protects your assets and help you to maintain dignity. Think about it now, versus later.

Get several quotes now Its fast, free and you are under no obligation to buy!

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