Nursing home insurance

According to recent government statistics over 50% of all Americans will need some kind of specialized nursing home care at some point in their lives. In fact, 10% of those who are between the ages of 40 and 65 will require nursing home care at some point. Nursing care is extremely expensive. The average costs for staying in a nursing home in America today is between 25,000 and $50,000 a year. That figures out to be from $70 to $140 a day. Of course, staying in the nicer nursing homes may cost even more. Even though these costs may be staggering there is one option open to you that can help pay for nursing home care which is buying nursing home insurance. No one likes the idea of needing nursing home care. However, it is smarter to realize that you may need it some day and buy nursing home insurance now while you are young, perhaps even around the age of 40 or so. This is because if you buy it while you’re young your premiums will cost less every month. It makes a lot sense if you are to be able to afford it now then you should buy it now rather than waiting till you are older and in need of it. When you are in need of it the premiums can be much, much higher.

When shopping for nursing home insurance you may find that there may be some restrictions put on certain policies that will not allow you to be covered for certain ailments. Also, if you are predisposed to certain elements you may not be able to get nursing home coverage for that. Another important thing to know about nursing home insurance is that if you wait until you already need it you may not be able to get a policy that will cover certain existing ailments. If you have a develop a need for ongoing medical care, some nursing home insurance policies will not allow you take out a policy for it after the fact. The reasoning behind that is that if they allowed people to wait to buy nursing home coverage at the time of need they would never be able to make money.

There are some ways to reduce your cost for a nursing home insurance policy. For instance, one way to reduce premiums is to have them automatically paid each month through your bank account. Another way to reduce your premiums is to buy nursing home insurance online. There are all kinds of online nursing home insurance brokers where you can purchase affordable nursing home policies from. Online nursing home insurance brokers have no cost overhead to worry about. They are in a position to be able to sell you nursing home insurance policies at wholesale prices. One major advantage of buying your insurance coverage online is the fact that you will not be pressured into buying more coverage than you can afford.

The costs associated with living in a nursing home and receiving medical care that you need continue to go up. Living the last years of your life in a nursing home can completely use up all of your savings and assets. Before you can get Medicare or Medicaid to pay for it you will have to spend down your entire savings account and sell all of your assets. If you are doing your best to build up your savings account now you may be risking your life savings if you ever need to stay in a nursing home without the benefit of having nursing home insurance. Just staying 3 years in a nursing home can cost up to $150,000. Why risk your life savings when you can protect yourself and your family with nursing home insurance?

Last updated on Jan 1st, 2011 and filed under Health Insurance. Both comments and pings are currently closed.

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