MONROE,La (KNOE) - What is Long Term Care Insurance?
Courtesy: MGN Online
If you become ill, it ensures that the wealth you have spent a lifetime building won't end up going to the Nursing Home. The average stay in a nursing home is 2 1/2 years. The premium for women will be a little higher than the premium for men because women are living longer.
When should you get Long Term Care Insurance?
We recommend that you get quotes for Long Term Care Insurance at age 60. Statistics show that 70% of people will need some form of LTC after the age of 65. Medicare does not cover nursing home care.
What criteria do you have to meet to activate the Long Term Care policy?
You must need help with at least two of the following:
Bathing, Dressing, Feeding, Transferring from bed to chair, Ability to control cogency, however, once the policy is activated you no longer have to pay premiums. Also, premiums count as a medical expense and are tax deductible at age 60.
When is your next Debt-Free & Wealthy Live Event?
Saturday, May 4th at 10:00 a.m. at Grace United Methodist Church in Ruston. Cost is free! But be sure to pre-register by calling the church office at 255-2211.