Nursing home costs skyrocket: protect yourself

(ARA) - As we age, we often can't perform the basic tasks that we used to do. That's why an estimated 70 percent of Americans 65 and older are expected to need long-term care during their lifetime, according to the San Diego Daily Transcript. And it's not just older people - the Health Insurance Association of America states that 40 percent of people needing this type of care are between 18 and 64.

Don't erase a lifetime of savings, get long-term care insurance coverage

As people age, they begin to suffer from chronic conditions such as arthritis, heart disease, stroke and memory loss. Long-term care is the help needed to cope - and sometimes survive - when this type of chronic disability impairs your capacity to perform the basic activities of daily living.

Especially for the aging baby boomer population, the idea of protecting your quality of life when you no longer can care for yourself is important. Nobody wants to be a burden to their family. Plus, this type of care is so expensive, it can eat up your life savings in just months. The national average cost of a nursing-facility is $213 per day, or more than $77,745 per year, according to the MetLife Mature Market Institute.

Get coverage now before you no longer qualify

The younger and healthier you are, the lower your premiums will be and the more likely it is that you will be eligible. If you don't act now and your health suddenly changes, you may not qualify. Get peace of mind today at a much lower rate.

The professionals at Longevity Alliance, a leader in the long-term care insurance industry, recommend that you consider these 5 important steps when evaluating long-term care insurance providers:

1. Benefit period - The length of time, after you file a claim that the insurance company will pay to cover the cost of your care.

2. Nursing-facility benefit amount - The maximum amount per day the insurance company will pay for your care in a facility such as a nursing home or assisted living/residential care facility.

3. Your home-care daily benefit amount - The maximum amount the insurance company will pay for at-home care.

4. Your elimination period, or deductible - The number of days you must pay out-of-pocket before your policy begins paying benefits. It's best to look for an elimination period of 90 days.

5. Inflation protection option - Available for an additional cost, this allows your daily maximum to keep up with inflation.

You can easily and quickly learn about your options for long-term care insurance today. Longevity Alliance will work with you to get quotes from a variety of providers to find the best one for you. They are carrier neutral, so you won't be pushed toward one policy over another. It's a simple way to learn all your options so you can make an educated decision.

Visit www.LongevityLTC.com today and compare free, personalized quotes from leading nationwide carriers instantly. Get the best policy that will protect you no matter what happens in the future.

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