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Can I buy long term care insurance for my parents

Buy long-term care for parentsLong-term care insurance is sort of like buying a life insurance policy in the sense that you cannot purchase a policy for a person, even your parents, without their knowledge and permission. If you get their permission then you can certainly pay for the premiums yourself.

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The insured person will have to submit to a physical before a long-term care insurance policy will be issued. This makes it impossible to purchase a policy without someone’s knowledge.

If you have an elderly parent, you may be concerned about the costs that may come if the need arises for them to have long-term care. Long-term care is generally described as care that is provided when an individual can no longer care for themselves when it comes to daily tasks.

Long-term care can also cover medical coverage and nursing home costs, but this must be specifically stated in the insurance policy when you purchase it. Otherwise, it will be limited to in home care or care at an assisted facility rather than a hospital or a nursing home.

When to Purchase Long-Term Care Insurance

Long-term care insurance is best purchased before the age of 55 if you want affordable premiums. If you wait until your parents are close to an age that, statically speaking, they are a high-risk for requiring long-term care, you face their being turned down for this insurance or paying extremely high premiums for their long-term care insurance. In fact, a person in their 70s may find that their premiums exceed $12,000 annually.

This is why so many people are hesitant to purchase long-term care insurance. It can become quite expensive and, unlike life insurance, there is no guarantee that this insurance will every pay out.

In fact, according to the AHIP, only about 19% of Americans actually require long-term care, although 70% of those people are over the age of 65. This is a very tough decision for some people because if they do require long-term care then the cost of that can be nearly $100K annually. Most people simply can’t afford that out of pocket expense.

Determining How Much Long-Term Care Insurance You Need

You can purchase long-term care packages that cover as little as 3 years and as much as 30 years. Naturally, the longer terms of coverage you purchase the more expensive your premiums are going to be. In addition, you can purchase caps on your coverage from $100,000 to $30,000,000. Again, the higher the cap the more expensive your costs are going to be.

To determine how much long-term care coverage you need, check the costs of long-term care insurance in your area and also consider any family history of health problems that may lead to you needing longer or shorter care or long-term care earlier in your life. If, for example, you have a family history of early onset Alzheimer’s then you might want to consider purchasing more coverage early on.

The real problem is that there are no set rules about how much long-term care insurance to purchase and when to purchase it. You could talk to five different insurance agents and literally get five different answers regarding this issue. This can make it very confusing. To make it easier, you need to decide how important this issue is to you, how many members of your family has required long-term care and how you would pay for this care if the need should arise.

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Where to Buy Long-Term Care Insurance

Most insurance companies sell a version of long-term care insurance; however, not all of them offer the same type of coverage. Some insurance companies have set policies in place about how and when they pay for long-term care insurance, making it vital that you read all of the small print on your policy regarding stipulations about coverage.

Some insurance companies, for example, will exclude specific diseases such as Alzheimer’s, AIDS and more. If you have a specific area of concern or you simply don’t want any exclusions, you need to stipulate that with your agent. If they can’t accommodate you, find an insurance company that will.

Before you visit your insurance agent, however, you should start with our free quote tool. You can get quotes in just a couple of minutes from several insurance companies so that you can save time finding the lowest rates. In addition, this will help to narrow down your choices faster, saving you money as well.

You don’t have to visit multiple insurance sites or call a dozen agents for a quote, start right here and get started. You can learn right now if this is an affordable option for you and just how much you will have to spend to get this type of coverage.

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