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Long Term Care is not just for the elderly. Most health insurance plans do not have coverage for in-home care of accident victims or those who have a long term disability. You cannot be a 24-hour a day care giver and maintain a normal working life. Yet the cost of in-home care is far more than you can afford. The answer is Long Term Care Insurance.
Unlike most other insurance, Long Term Care insurance benefits are paid to benefit you during your life. Statistics show that more than half of all persons will need long term care during their life time. As life spans increase, this percentage will only go up. And the price of long term care will only go up as well. Right now the cost of the lowest level of assisted living in California ranges from $4,000 to $10,000 per month and home care from a certified specialist will run over $3,000 per month for 4 hours a day. At these prices the typical cost of $3,000 a year for Long Term Care insurance is a bargain.
Government programs are both underfunded and institutionally biased. Medicaid programs enforce the lowest possible quality of life. Private insurance is the only answer for quality long term care.
Are there alternatives to Long Term Care insurance? Yes. See the Annuities and Health Insurance sections of this web site.
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