Considerations When Shopping for a Long Term Care Insurance Policy in Palm City, FL

When considering the purchase of long term care insurance policy in Palm City FL, it’s important to work with an independent agency so quotes can be obtained from multiple providers. Significant differences are found in quotes from various insurance companies for this type of coverage. That’s true for most kinds of insurance, but the cost of long-term care insurance can be prohibitive. Finding the best options for the lowest prices is essential for people who must find a way to fit this added expense into the budget.

Timing

People may start considering buying a Long Term Care Insurance Policy in Palm City FL when they get close to their senior years. The impetus might be a parent or grandparent having to move to a nursing home and learning the seemingly exorbitant costs of residency at one of these facilities. Consulting with an independent agency such as Owen Insurance Group can help them find lower-cost coverage. Contact us to get started.

Aspects to Be Covered

Of course, the customers will want to make sure they don’t skimp too much on the aspects to be covered or the insurance will be unsatisfactory. They may not want strict requirements on which nursing homes are included, for example. They may want to be sure they can have a private room instead of sharing one with a person they’ve never met before.

Relevant Statistics

The main reason that seniors buy a long-term care policy is that they want to leave an inheritance to their adult children. Without the coverage, all the assets of a middle-class family can be swiftly used up. The Florida Health Care Association reports that the average annual cost for a private room in a nursing home in that state is nearly $95,000 as of 2017.

It can be an uncomfortable topic, but the move to a nursing home generally is the beginning of end-of-life care, as someone becomes too disabled to live independently. The average stay in one of these facilities is about two years, according to the National Care Planning Council. Nevertheless, that two years can easily cost the family its entire asset base.

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