Michigan Long Term Care Insurance

Traverse City Long Term Care Specialist

What is Long Term Care Coverage?  Why should you even consider it?  Well long term care coverage is essentially paying a premium or monthly allotment  for many years. In turn what you would receive- when you need it is to be taken care of when you need to be.

Long Term Care Coverage can provide home care, assisted living,hospice care, alzheimer facility care.  Instead of paying retail prices for those sky high services, you can pay your premiums in advance and pay less because you are prepaying for their services.

Many people do not want to rely on their children or family members to take care of them in their old age and declining conditions.  Some people have found that long term care coverage is a way of preventing the depletion of their nest egg.

Think of Long Term Care Coverage as Insurance simply because it acts the same way as your auto insurance.  With car insurance you pay your premiums with the idea that paying those premiums will be less costly than paying to replace or fix your car in the event that an accident occurs.  The thing about car insurance is you may never actually need to use it.   Now you may get in a fender bender and cause a tiny bit of damage but never really use the liability limits that can truly drain your bank account.

Think about how much it can cost on a yearly basis to pay for home care or hospice (around $95,000 annually).  Imagine how quickly that can drain your life savings, and the inheritance of your family.

That is why often people decide to pre pay for their (often) inevitable health care needs.  As medicine continues to evolve and people live longer, most of us will worry about outliving our money.  This is a fairly easy thing to fit into our budget before we quit working and can pay huge dividends for our health and our wallets.

This article is not meant to sell you on the fact that you do or do not need long term care coverage, it is simply meant to inform you of what it is and how it may help you.  If you live in Michigan you should contact the Traverse City Long Term Care Insurance Specialist for more information.


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