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A Guide to Group Long Term Care Insurance
Eventually, most of us will need long term care of some kind. As we age, the possibility of developing an ailment that will impair our ability to function on a day to day basis increases. When the time comes for you to seek long term assistance, you may have trouble paying for it. The average cost of a nursing home stay in America is close to $50,000 per year and rising. Nursing homes are the worst case scenario, of course, and many other less involved kinds of long term care are less expensive, but they can still be a drain on the savings. If you're concerned about your ability to afford long term care in the future, it may be best to get insurance. Long term care insurance is best purchased in your 40s or 50s, before you need it. Rates go up as you age and if you develop any conditions that the insurance company considers a risk, so you're better off to get your policy while you're young. While you used to have to get long term care insurance as an individual policy, it's becoming increasingly possible to get this kind of insurance as group coverage. If you are employed by a large company or organization, are a member of certain organizations, such as AARP, or a member of a health maintenance organization, you may be able to acquire group long term care insurance. The great benefit of getting group coverage is the increased amount of options available to you combined with a discount that the insurance company grants to groups. If you get your long term care insurance as a group policy, you will literally get the most insurance for your money. If you're buying long term care insurance with the hope of transferring to Medicaid once you become eligible, you should be aware that Medicaid penalizes such transfers. You can have as long as a five year extension of your ineligibility if you transfer from group long term care insurance. After those five years, however, Medicaid will be willing to cover your long term care as long as you meet their other eligibility requirements for assets and income. Group long term care insurance is a good option for those people who don't expect to qualify for Medicaid. It will help pay for any long term care you may need. Pay attention to the fine print in your policy – some long term care insurers don't cover at home care or assisted living, only nursing homes. You may have a harder time changing details of your coverage with a group plan than you would as an individual, so reading closely is very important before you sign. Long term care insurance is an important thing to have if you're at all concerned about your ability to pay for future assistance. Investigate your options in group long term care insurance today by calling your employer or organization, or checking out some websites online.
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