What Is Long-Term Care Insurance and Who Needs It

When it comes to the long-term care insurance policies, there are a few important things you’ll want to remember. First of all, buying long-term care insurance policies can be an uncomfortable thought. The reality is that we don’t usually want to think about those we love being unable to care for themselves. However, like life insurance or Medicare insurance, long-term insurance can help protect your assets and can be an important part of your financial planning. Many family members are interested in knowing the cost of care for long-term care needs.

Why Buy Long-Term Care Insurance

Let’s say you have a couple who worked hard to build up a retirement nest egg of $400,000. Imagine if the husband develops a serious disease. Although initially it was easy to manage, as time went on the need arose to have a home-care specialist come in and watch over John daily. If John’s condition should worsen, he may end up in an assisted living facility. The reality is his wife Jane may end up having to work full-time because much of their retirement savings was going to cover John’s long-term care. The good news is the cost of long-term care doesn’t have to worry you if you have coverage. The other great thing is long-term care coverage is easier to find online. We work with many of the best American health insurance companies offering long-term care policies.

Unfortunately stories like this are not unique. They happen every day in America. As we age our health conditions can become more complicated. The good news is that it’s easier than ever to find affordable long-term care insurance. If you work with a trusted insurance broker they can help you compare the best rated life insurance companies offering low-cost long-term care insurance. If you’d like to speak to a licensed agent, please give us a call at 800-974-0552. You can also compare long-term care insurance using the quote box at the top of the page.

What Is Long-Term Care Insurance

The reality is is that as we age our health  tends to deteriorate the older that we get. As you probably already know, older people tend to need help doing even normal activities of daily living like showering, getting dressed, bathing and going to the doctor. Long-term care, also known as LTC, allows individuals to make sure they have financial provision in place in case they or someone they love would need help.

What Does Long-Term Care Insurance Cover

You may be wondering what long-term care insurance will cover. After all if you’re going to purchase long-term care insurance you’ll want to make sure you know what is covered. Long-term care insurance covers important services like:

• Nursing Home Stays
• Assisted Living Stays
• Adult Day Care
• In-home care
• Home Health Aide
• Other Long-term Care Services

Who Should Buy Long-Term Care Insurance

Statistics tell us that over half of all people turning 65 will need long-term care at the end of their life. Buying affordable long-term care insurance now will ensure that you have peace of mind should something happen later. If you or your spouse gets sick it will help ease the pain knowing that you have down sound financial planning and your care will be covered. This will help make sure that your loved ones don’t bear the financial burden of your care. If you’d like to enroll in a long-term care insurance plan, we can help.

Does Medicaid or Medicare Cover Long-term Care Costs

Many people mistakenly think that government programs will cover their long-term care if they get sick. The reality is that Medicare will not cover long-term care. It is true that Medicaid may cover some long-term care expenses, you would probably prefer private care. Providers all over the country are slowing reducing their intake of Medicaid patients. Private insurance is much more likely to help cover your long-term care expenses.

One of the more fraudulent people things that some people do is to try and move assets out of their parents name to ensure that the government will cover long-term care expenses. This is not a good idea and it’s considered a crime that can be prosecuted.

The Different Types of Long-term Care Insurance

It’s hard to believe but the average cost for nursing home care for one person per year can exceed $80,000! Not only that but it’s about $45,000 annually for assisted living and home health care can cost as much as $135 a day. This is important if you end up getting alzheimer’s disease or other types of chronic illness.

When you purchase traditional long-term care insurance your expenses will be at least partially if not fully covered. There have been many people who’s life savings have been wiped out by extended stays in a nursing home or assisted living residence.

How Much Is Long-term Care Insurance

The average annual premium on long-term care insurance is around $2,500 a year. This would provide nursing home care for up to four years. The other great thing about long-term care insurance is that you have the option of adding a rider to cover inflation. It’s important to not that long-term care insurance will be needed when you are no longer able to perform 2 out of six activities. Typically these would include dressing, bathing, eating, transferring to a wheelchair or if you suffer from a cognitive impairment. Your benefits would usually kick after a 30-90 day waiting period.

If you have other questions about long-term care insurance or if you’d like to speak to a licensed insurance agent, give us a call at 800-974-0552.