Call (732) 497- CARE (2273) for your consultation today
Call (732) 497- CARE (2273) for your consultation today
Long Term Care Insurance covers a variety of services and support for your personal care and daily living needs. These needs vary but consist of daily tasks that you no longer can perform on your own such as dressing, going to the bathroom, and even bathing. It may not be the most pleasant thought but eventually you may need help with these activities. Purchasing a Long Term Care policy before it is necessary can ensure that you are covered. Most policyholders purchase a long term care policy when they are fifty or sixty years old, many learn of the option to purchase a comprehensive plan just as they turn 65 or as they enter Medicare. You may have a higher premium at 70+ so best not to wait until you can no longer budget for this important purchase.
What can people do ahead of time to prepare for the possibility of caring for an older relative? As overwhelming as it can seem, try to talk about it with your parents. As people plan for the future, they typically think about retirement, education and an emergency fund, and they should also be deliberate about setting aside money to use if there's a care situation, even if it's a small amount each month.
Medicare does not cover long term care. If you do not purchase a long term care policy, this can leave you 100% responsible for the costs associated with this practice.
Hospital Indemnity insurance, also called Hospitalization insurance or Hospital insurance, is a plan that pays you tax-free cash benefits when you are confined to a hospital, whether for planned or unplanned reasons, or for other medical services, depending on the policy. The plan can help you fill gaps in your medical coverage by providing cash to help cover deductibles, pharmacy prescriptions, medical and living expenses plus other non-covered expenses that may arise from hospital stays and services.
Why Hospital Insurance?Hospital stays can strain even the healthiest of budgets. And in many cases, you can't ignore the care you need even if it pushes you financially. Hospital Indemnity insurance plans provide payment for each day spent in the hospital, and for some other qualified expenses as well. That's money you can use as you choose, whether for hospital bills or those other costs that come up while you're recovering.
A welcome financial safety netHospital indemnity insurance can be particularly helpful since a majority of Americans don't have enough savings to cover unplanned medical bills. The plan pays cash directly to you and the payments can be used for any purpose, including:
Medicare does not cover Hospital Indemnity but they make a great team. Medicare helps pay for a majority of your medical expenses while Hospital Indemnity can help pay for living expenses such as groceries or a mortgage while you are at the hospital.