Because Connecticut residents are living longer and fuller lives, it makes more sense now then ever before to investigate long term care insurance. People are working for more years than the generation before and have accumulated assets that require protection in the event of illness.
In the days of old, family members would rally and provide care for the elderly or the infirm. However, today’s society, family is spread all over the globe and are less likely to be available to provide the 24-hour care necessary. As a result, families find they have to either hire someone to come in and care for their loved one, or place their family member in a long-term care facility.
Data has shown that approximately 49% of people age 65 and above may spend time in a nursing facility. An even larger percent of people (approximately 72%) will require some type of home health care.
Long term care insurance, sometimes referred to as ‘asset protection’, would be a wise choice even if you are able to pay for the long term care out of pocket. Why place your assets at risk unnecessarily. If you don’t have the financial ability to pay out of pocket, then insurance is not a choice; it is a necessity.
To get the best long-term care insurance rate in Connecticut, your search should begin by calling various health care facilities to get an idea of what they cost. Knowing how much you may have to spend will give you a better idea as to how much insurance to buy. Next pay a visit to the Connecticut Insurance Department. They provide a listing of insurance carriers licensed to do business in the state.
Shopping around is the best way to secure the best rates and broadest coverages. The internet contains a fountain of information and can help you to research the various types of coverage and premium options.