Should You Purchase Nursing Home Insurance?

Joy — Sat, 04 Dec 2010 14:11:16 +0000

Is Long Term Nusring Home Insurance a Frugal Choice?

Planning For Nursing Care

Long term care insurance (LTCi) may not be a cheap choice, but is it a frugal one? Experts predict that half of Americans will need some sort of long term nursing care in their lives. This could come from a nursing home, assisted living center, or it could be delivered in the home.

The actual cost will depend upon the type and level of care that is needed, but none of it is going to be free. There will be a price attached to any method of getting long term care, and sometimes that price can be thousands of dollars a month. That cost could quickly deplete retirement savings.

Many people are hoping there is another way to pay for nursing care. Does Medicare or Medicaid pay for nursing home care? Medicare only pays for short term stays in nursing homes. Medicaid does pay for long term care, but in order to qualify, you may have to deplete your assets first. Neither of these are great solutions for most people.

Nursing Home Insurance

There are long term care insurance policies on the market. They come in a variety of forms and coverage levels. Some are tax qualified which means you can deduct your premiums now. This is one solution. If this interests you, explore the costs of long term care insurance policies.

However the solution has not been that popular because of the cost, people not seeing an urgent need for this type of coverage, and the fact that the policy choices can be confusing. One big objection that many LTCi shoppers have is spending money on a product they may never need. Learn more about the pros and cons of long term care insurance policies.

Alternatives to Long Term (Nursing) Care Insurance

Are there some viable alternative ways to plan for the cost of nursing homes? There are annuities and life insurance policies with nursing care riders. These riders will kick in if they are needed, but if they are not needed, the product will still keep its value for the insured person, owner, and beneficiary. These alternatives to long term care insurance may be more attractive to you.

Of course, you could always save money in an emergency fund that could be used to pay the bills. But this just may not be possible for many people.

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Is Rental Car Insurance Necessary

Madelaine — Tue, 27 Oct 2009 03:38:14 +0000

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How Much Is Rental Car Insurance

Whenever you rent a car, you always encouraged to purchase the collision damage waiver to eliminate your liability for the deductible or any uninsured losses to which the rental car agency is exposed. The usual fee is $9.00 a day.

In most instances, your personal auto policy or family auto policy will provide coverage to secure you against payment of any of these deductibles. The only problem you have with using your own policy is that if your rental car is damaged at a time when your insurance agency is closed.

For example, say you return your rental car on a Sunday night and you have damage. You may have a hard time proving you have coverage and the rental car company may demand immediate payment for that damage. How do you avoid this problem without paying that extra $9.00 a day?

Many credit card company have included automatic coverage in their package of benefits, saying that if you rent a car using their credit card, they will assume this liability. In most situations, rental car agencies have accepted the “credit card insurance” and not demanded immediate payment.

Make sure you check with your credit card company to see if you have car rental insurance option and check with your insurance company to find out how much your policy covers when you rent a car.

There are two reasons you may want to purchase the rental car insurance from your car rental agency:

1. Your auto insurance policy does not cover you for amounts the rental company charges you for the money it loses while the car you damaged is out of service.

2. Your insurance company may not reimburse the rental car agency quickly enough to satisfy them and the rental agency will insist on immediate payment from you if you did not buy the agency’s insurance.

For more information on saving money on auto car insurance policy quote see our site free insurance policy quotes