Temporary Health Insurance is Major Medical Insurance for people with temporary needs such as:
- Between Jobs or Laid Off
- Graduating from College
- Waiting for Group Coverage
- Dependents coming off Parent’s Health Plan
- A Temporary or Seasonal Employee
No one plans to have an unexpected illness or accident happen to them. But, let’s face it, the unexpected does happen. That’s why going without health insurance in CT, even for a short time, puts you or your family at serious financial risk. Temporary health insurance provides affordable health coverage that protects you and your family.
Another reason for the recent public focus on Long Term Care is the changes impacting families. Years ago, most elderly depended upon their family to care for them as they aged. Family members lived close by or even under the same roof. Today, many women are in the workforce, children have moved away and divorce rates are approaching 50%. All of these factors contribute to the inability of families to meet the needs of their aging parents. Thus the elderly must rely on professional assistance, which comes at a cost.
What Is The Cost Of Long Term Care?”
A year in a nursing home now averages more than $40,000 and can exceed $100,000 annually in some parts of the country.” – The Wall Street Journal. Obviously Long Term Care services are very expensive, especially in Connecticut. Quality nursing homes are always filled to capacity and they are consequently able to command a hefty fee for services. Home care is also expensive in Connecticut. Bringing a home health aide into your home every other day for a 4 hour visit can easily cost $1800 per month. When the home care approaches 8 hour visits every day, the costs rise to $7200 per month.
Who Pays For Long Term Care Expenses?
There are only 3 ways to pay for the cost of Long Term Care services:
- Cash
- Welfare
- Private Long Term Care Insurance
Long Term Care insurance allows the insured to pay an affordable premium to protect an unaffordable catastrophic event.
Should You Consider Long Term Care Insurance?
Many financial planners refer to Long Term Care insurance as “asset protection.”Individuals need to have assets worth protecting in order to justify the purchase of a policy. If Long Term Care insurance is affordable for you, you should definitely consider transferring that risk to the insurance company. Ultimately, the peace of mind knowing that you don’t have to burden your loved ones if you should need Long Term Care is another important factor in this process.
The best way to answer this question is to speak to a Certified Long Term Care insurance professional who can properly educate you and assist you in purchasing a plan that is right for you.
