Long-Term Care Insurance in Frederick Maryland

Today, Americans are living longer than ever. And with constant medical advances and baby boomers entering retirement, this trend is expected to continue for the foreseeable future. But who will pay for your care when you enter your golden years (or sooner if you should suffer a disability)?

Balderson Insurance offers long term care insurance to cover the cost of skilled services for those who need it. As an independent insurance agency, we work with several insurers in Maryland to find the right plan to suit the needs of each client we serve. Are you looking for long-term care insurance in Frederick Maryland? Contact us today at (301) 874-0772 to discuss your long-term care insurance needs!

 

Long Term Care Insurance Basics

When individuals age or suffer from a debilitating mental or physical illness/injury, they very often need someone to care for their day to day needs. Some of the daily activities they may need help with include:

  • Dressing
  • Bathing
  • Eating
  • Toileting/Continence
  • Transferring/Moving

Generally, if someone cannot perform two or more of those daily functions and/or has a cognitive impairment, they most likely need a long term caregiver.

When the need for a caregiver arises, you generally have three choices:

  1. Receive care from a family member.
  2. Hire an in home caregiver.
  3. Move to a nursing home or assisted living facility.

For shorter term and/or less serious situations, one of the first two options may be sufficient. But for more serious conditions that require constant medical attention, the patient will probably have to move to a facility. Regardless of which option you choose, it can become quite expensive. And without long term care insurance, a debilitating condition can wipe out your savings very quickly.

 

Who needs long term care insurance?

If you are in your 40s or older and you consider yourself middle class, you should strongly consider long term care insurance. Here are some questions to keep in mind when deciding whether or not you need it:

 

Do you expect to qualify for Medicaid during your retirement?

Medicare will not pay for most skilled care services, so only if you have a low enough income to qualify for Medicaid are you likely to receive the coverage you need. So if you answered “yes” to qualifying for Medicaid, then you probably do not need long term care insurance.

 

Do you expect to have plenty of money during retirement to pay your expenses out of pocket?

If the answer to this question is “yes”, then you can also probably do not need long term care insurance.

 

What is your age and current health condition?

If you answered “no” to the first two questions, then you should definitely consider long term care insurance. However, the cost of the policy will be determined largely by your age and health. The younger and healthier you are, the lower your premium will be. Also, if you are already in poor health, there is a chance you may be turned down for coverage. So bottom line: the sooner you look into a long term care policy, the better.

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