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California Long Term Care Insurance

For U.S. residents, including those living in California, long term care insurance should be a part of their financial planning strategy. As the general population in CA ages, it stands to reason that more people will need to look at long term care, and insurance can help to relieve the financial burden that the cost of this type of accommodation will bring. If you have the appropriate insurance coverage in place for your California long term care needs, you will not be faced with having to use your savings or liquidate other assets to pay for it.

California Long Term Care Insurance: Facts You Need To Know

  1. Approximately nine million U.S. residents who are over age 65 needed long term care in 2005.
  2. The cost of caring for someone in their own home ranges between $15 and $50 per hour.
  3. The majority of people who need long term care are able to receive the services they need in their own homes. Only 1/4th  of seniors receive care in nursing homes.
  4. On average, the cost of nursing home care in California is $58,000 per year (based on 2004 statistics). The average nursing home resident requires care for 30 months (2.5 years), which brings the total cost for care to $145,000.
  5. If you choose to buy long term care insurance, you will more likely pay less in premiums than you would pay for the cost of your care.

California Long Term Care Insurance: Not Just For Seniors

Long term care is not just for seniors. Approximately 4 out of every 10 people who need these types of services are between the ages of 18 and 64. They may need help with everyday living due to illness or because they sustained an injury making it difficult for them to perform basic functions (termed Activities of Daily Living or ADL's), including:

  • Bathing
  • Dressing
  • Walking
  • Eating
  • Using the Bathroom

California Long Term Care Insurance: Buy Early

If you are interested in putting this important coverage in place to protect yourself, keep in mind that the younger you are when you buy your policy, the less expensive your premiums will be. If you wait until you are in your 50s, you will be paying more than an applicant in their 20s or 30s.

Premium costs can double if you buy a policy when you are in your 50s, and if you wait until after the age of 55, you may be looking at paying three times as much to get the same level of coverage.

California Long Term Care Insurance: Choosing The Right Provider

When you are looking for long term care insurance in California, you may want to consider buying a comprehensive policy. This is one that provides benefits to you whether you are being cared for in your own home or in a nursing home facility. Since it's more likely that you will receive care in your own home, you will be better off arranging for a policy that gives you the most flexibility.

In addition to looking at the cost of coverage and the level of benefits provided, you will want to consider the following factors:

  1. Has the insurance company been in business for a number of years?
  2. Does it have the financial resources to pay out on a claim for long term care?
  3. Will the company pay your claim promptly?
  4. Does the company offer a good level of customer service?
  5. What is the elimination period on the policy?
  6. Is the agent you are dealing with an expert in long term care insurance?
  7. Have you been given the option of looking at insurance plans from a number of providers?
  8. Do you understand what the policy covers and what the exclusions are?
  9. How long do you need to wait before the company will start paying benefits under your policy?
  10. What is the deductible? Is it at a level you can afford?
  11. Does the policy you are considering automatically adjust for inflation or do you need to look at adding additional coverage later on?
  12. Do you need to get a doctor's note before the insurance company will pay long term care benefits?

Compare California Long Term Care Insurance Quotes Now!

There are many factors you need to consider when you are looking at California long term care insurance. Click on the free CA long term care insurance quote tool at the top of this page to get the information you need right away. Compare multiple companies and save!

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