Benefit Choices of Comprehensive Long Term Care Insurance
1. Monthly Benefit Amount
How Much Daily or Monthly Benefit Do I Need?
Follow these steps to determine your daily/monthly benefit...
1. Know the actual cost for long term care in your area. The national average is about $190 per day. Click here for averages by state
2. If you were confined to a nursing home or required care in your home, determine how much per day or month you could afford to pay for that care from your own income stream.
3. Subtract #2 (how much you could pay) from #1 (the actual cost of long term care) and the result will be a good daily/monthly benefit starting point for designing your policy (how much the policy would pay).
4. Example: In north Alabama, the average cost for long term care is $200 per day or $6000 per month. If you were in a nursing home and you could pay $1500 per month from your own income stream, you would need an insurance policy to pay $4500 per month. This would be about $150 per day.
- Determine the actual costs of care in the area where you plan to retire
- Decide how much you want to co-insure. The more discretionary income you have, the lower the daily benefit you may want to purchase
- Consider the extra cost if you want a private room when selecting your daily benefit, should you move into an assisted living or nursing home facility
"All we do is Long Term Care Insurance..."