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Long Term Care Insurance 2021

Long term care insurance is a very important topic that people should be aware of as they age. With the current system, seniors are relying more and more on family members to take care of them in their later years. As we continue to live longer lives, it’s expected that this trend will only increase. What does this mean for our society? Will we have enough caregivers and resources? If you’re interested in learning more about current trends in Long Term Care insurance, and how you can best prepare, you’re in the right place! Nowell Agency is breaking it all down and providing sage advice on selecting the best long term care insurance in Mississippi and beyond!

What is Long Term Care Insurance?

Many people are worried about their future and that of their family, which is why they’re considering long term care insurance. This is a type of insurance that helps individuals pay for the cost of long-term care in the event of an accident, chronic illness, or unexpected disability. To know what long term care coverage you need, it’s vital to understand how these policies work. It’s also important to stay abreast of current events that affect the cost of long term care insurance 2021. This year, many changes are coming related to health care coverage and taxation which may affect Mississippi long term care insurance premiums.

What Does Long Term Care Insurance Cover in 2021?

LTC insurance can give you peace of mind knowing that if an accident or illness leaves you unable to take care of yourself, your family won’t have to bear the full burden.

tips on long term care insurance

Typical LTC Coverage Inclusions
A long term care insurance policy usually covers some or all of the following types of services:

  • Nursing home coverage
  • Assisted living facility coverage
  • Adult daycare center coverage
  • Home health care coverage
  • Personal care coverage

What do long term care policies pay? Usually a daily maximum benefit and a lifetime maximum benefit. The daily maximum benefit for most long-term care insurance policies is usually less than the cost of one average day of long-term care service. You’ll select your actual long term care insurance benefits when you purchase the policy.

Long Term Care Insurance Cost 2021

If someone else needs to step in for caregiving, this type of insurance provides funding to pay for these ever-increasing costs. Current average costs of nursing home stays (private-pay) are upwards of $80,000! A long term care insurance plan allows you to offset the high cost of extended care while protecting your personal assets.

LTC insurance policies can also save your family money if the level of care requires staying at a nursing home or rehabilitation center, where costs are high. Average nursing home costs hover at around $90,0000+ for a private room or $80,000 for a shared room. Assisted living costs average $50,000 a year and all these estimates are on the low side! Rates for outside care vary, depending on region, size of the accommodations, services available, quality of care, amenities, etc.

Best Long Term Care Insurance 2021

Do you still have questions such as: what is the best age to buy long-term care insurance? How much is long-term care insurance monthly? Can you get long-term care insurance with a pre existing condition? How long do you pay for long-term care insurance? Don’t worry! We’re here for you! Nowell Agency is one of the best long term care insurance companies; all it takes is one call to our friendly and knowledgeable agents to learn more about your long term care coverage options, potential tax advantages, and how a policy can help you protect your financial future. Or visit the Nowell Agency website to learn more and for a quick free quote!

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