What You Should Know About Elder Care Insurance
One of the biggest areas of growth in the insurance industry is with elder care insurance. A longer lifespan and an increase in the cost of healthcare have been the driving forces behind this type of insurance in recent years. If you are planning to purchase elder care insurance for yourself or your aging loved ones, here are some things you should know.
Benefits of Elder Care Insurance
Purchasing elder care insurance provides many benefits to the elderly as well as their families. This type of insurance, which is sometimes referred to as long term care insurance, covers the costs associated with providing care to an elderly individual. For example, individuals in a nursing home with elder care insurance can have the majority of their care and stay there covered depending upon their exact plan. In addition to covering care costs in nursing homes, insurance for the elderly covers assisted living centers and home health services. Knowing that your loved ones can receive the care and treatment they need as they reach their final stages of life can be a huge relief to families who otherwise would be burdened with caring for the individual themselves.
Risks of Purchasing Elder Care Insurance
Just like purchasing any type of insurance there are some risks when purchasing elder care insurance. If you purchase the insurance early to save money on your premiums there is no guarantee you will end up using the insurance or the insurance provider will still be in business. If they go out of business and sell your coverage to another company your premium rates can go up while services and coverage go down.
When to Buy Elder Care Insurance
If you decide that the benefits of elder care insurance outweigh the risks involved there is a prime time during your life to purchase it. While most individuals assume they should purchase elder care insurance when they near the retirement age of 65, experts actually recommend that you purchase the insurance during your early 50s. Purchasing it in advance will ensure that your monthly premiums are lower than what you would pay if you signed up the day you retired or turned 65.
With the rising cost of healthcare and the fact individuals are living longer you may need to purchase elder care insurance for you, your spouse or your parents. By being aware of the benefits and risks as well as knowing the ideal time to purchase, you can rest easy knowing you and your loved ones will receive the care they need during the final years of their life.
