Do you think many people enjoy planning for the day they will require 24-hour nursing home care? How many people are interested in thinking about the day when they will no longer be able to wash, dress, or feed themselves?
It’s why it is so hard to talk about Missouri long-term care insurance. Regardless of how difficult it may seem, almost every Missourian over 65 will require some type of long-term care at one point in their lives.
It’s not like the government will provide long-term care. In reality, the Medicare program of the federal government provides no long-term care protection. The Medicaid program of Missouri, however, allows for long-term care. However, it requires that all assets be spent before a person is eligible for assistance. Once they become impoverished, the state decides which services will be provided and where they will be provided.
When should you begin looking into long-term care insurance? Experts recommend that you start looking into long term care insurance as soon as your 30th birthday. Two main reasons are given for considering long-term health care as early as possible. The first reason is that monthly premiums are low in your 30s, and can quickly rise as you age. Locking in low rates makes economic sense.
Another reason to think about long-term care early is that statistics show that a surprising amount of people in their 40s and 50s need such insurance. Accidents are the main reason. Adults aged 30-40 years old are more likely to be in serious accidents than those who were younger.
You can lock in low premiums by purchasing long-term care insurance as a young adult. What else can you do?
For one, live a healthy lifestyle. You don’t need to be a rocket scientist in order to see that those who smoke or are obese will have to pay more long-term care insurance than those who aren’t.
People who engage in dangerous activities such as rock climbing or hang gliding may be subject to higher long-term care premiums.
The cost of long-term care insurance will also depend on where you get your care. A policy that covers in-home care only on a daily basis is likely to cost less than one that covers 24-hour care in a nursing facility.
It also plays a significant role in the cost of the policy. Many policies have either a lifetime limit on how much they will pay for long-term health care or a monthly cap.
Ask for multi-policy discounts if your other insurance includes homeowner’s, auto, or health insurance.
An Elimination Period is a term used to describe long-term care insurance policies. In insurance speak, this is a deductible. Your monthly premiums for long-term care insurance will be lower the longer your Elimination Period is.
It’s now time to go online and compare prices and policies. You might be surprised at how different insurance companies charge for the same policy.
Don’t let yourself be fooled into thinking that you can just fill out one form on every site and get all the comparisons you need. Although it would be nice, this is not the case. You will need at least three different websites to find the best long-term care insurance rates in Missouri.
