The median age of the United States population is at an all-time high. Adults over the age of 65 have surpassed the number of teenagers, and people in their 50s and 60s can expect to live longer than previous generations. As like expectancy continues to rise in the United States, more and more Americans between the ages of 40 and 84, especially those in their mid 50s, are preparing for their golden years by purchasing long-term care insurance.

According to some estimates, long-term care policies cost Americans, on average, $888 per year at age 50, $1850 per year at age 65, and $5,880 per year at age 75. On a national average, nursing home care costs more than $51,000 a year. With costs rising with age, it is important for consumers to fully understand long-term care insurance and when it should be purchesed to best prepare them for the future.

Long-term care refers to a wide range of medical, personal and social services. You may need this type of care if you have a prolonged illness or disability. This care may include help with daily activities, as well as home health care, adult daycare, nursing home care or care in a group living facility. Long-term care insurance is one way to pay for long-term care. It is designed to cover all or some of the services provided by long-term care.

Long-term care policies have an elimination period, which is the number of days you must need nursing home care or home health care before your policy pays benefits. A shorter elimination period means you pay a higher premium. Also, a long-term care policy does not guarantee coverage unless you satisfy certain requirements. For example, most policies require that you be unable to perform a given number of daily living activities.

• Long-term care insurance policies cover a wide range of medical, personal and social services.

• Understand what must happen for a policy to begin paying benefits.

• Understand the elimination period.

• Understand the daily benefits provided.

• Understand your coverage and exclusions.

• Match your need for long-term care with your need to protect assets and your ability to pay premiums.

• Understand how much your premium will be and how often it must be paid.

• Your premium may increase after your purchase.

Call Berman & Riedel, LLP if you have any questions or concerns regarding the care an elderly loved one is receiving in a nursing home or other type of elder care facility today at (858) 350-8855. One of our elder abuse attorneys will happily provide you and your family with an initial free consultation to discuss with you the rights you and your family may have under California and federal law. To learn more about the firm’s nursing home attorneys, past settlements and awards, and types of cases the firm handles, visit Berman & Riedel, LLP’s main website at www.preventelderabuse.com.