Long Term Care Insurance
Almost half of us will need long-term care, and health insurance doesn't cover it.
How would you pay for long-term care if you needed it? When baby boomers were asked this in a study commissioned by CareQuest, which helps employers set up long-term care packages, only 5% said they would rely on long-term-care insurance. Most said they expected life, health or disability insurance or government programs to cover the costs.
If that's what you're counting on, think again:
- Almost half the population will need long-term care at some point.
- The average annual cost for a private room at a nursing home is $74,095, according to MetLife Mature Market Institute.
- The average hourly cost of a health aide who gives in-home care is $19. It's double that for a licensed nurse. If you needed round-the-clock care from a nurse, you would have to pay more than $300,000 a year.
- You can't get long-term care insurance once you have a problem that requires long-term care.
How to shop for a policy
Buy sooner rather than later. The younger and healthier you are when you get a policy, the cheaper your premiums will be. A 55-year-old would pay $911 a year for a policy that pays $100 a day for three years of assistance, according to a study by the American Council of Life Insurers. A 65-year-old would pay more than double that for the same coverage. If your health is less than perfect, finding coverage can be difficult but is not impossible.
Stick with major issuers. You're buying this protection for the long term, so make sure you find a company that's going to be there a long time.
Don't skimp on coverage. Most people who have long-term-care coverage wish they had bought more, according to a recent study by LifePlans. Consider at least a three-year benefit period, which would cover the average nursing home stay. Also, a short "elimination period" (basically a deductible -- see below), even though it will increase premiums, could save you out-of-pocket costs in the long run. And look for a policy that covers care in as many situations as possible: at home, in an assisted living facility, in a nursing home.
Get Golf Cart Insurance
Any person who owns a golf cart must get this insurance. You wouldn’t drive a car without insurance because it would leave you vulnerable to legal and medical costs in the result of an accident. The same is true of golf carts. It is absolutely necessary for you to have the correct insurance to make sure you are protected. The cost of insurance is slight compared to the cost of not having it.
If you want to use your golf cart at any golf course, you are required to bring your insurance paperwork.
What typically does this insurance policy cover?
Golf cart insurance covers the vehicle for accidental damage caused by collision, adverse weather, fire and theft. The cart will be insured at a number of places that the insurer would approve the unrestricted use of a golf cart (i.e. golf courses, country clubs and gated communities).
Golf cart insurance also protects you from any medical costs or legal costs derived from a claim made by a third party.
Additional coverage for a golf cart insurance policy
Golf cart insurance is fairly standard with very few additions available. The best addition you can get to your policy is to also apply for general golf insurance as that will cover you while you are playing golf and not just when you are driving your cart. You never know when a hook or slice can get you in trouble.