If you or a loved one is injured and requires long-term care, you know that’s going to be expensive, especially in the United States.
The type of insurance that is designed to help with nursing home or in-home care due to chronic illness is typically referred to as long-term care insurance.
Even if you are in perfect health at the moment, you never know what the future will bring, which is why having long-term care insurance and understanding what your long-term care policy allows for can be a wise investment in your future health, your peace of mind, and your family’s comfort.
What is Long-Term Care Insurance?
Long-term care can be extremely costly, so having long-term care insurance – even you if you don’t think that you’ll ever need it is extremely important.
Even if you can’t imagine needing extra help now, there’s a good chance you’ll need long-term care in your home, an assisted living facility, or even an adult day care center or nursing center later in life.
Paying for long-term care can be extremely costly, even if you have medical insurance.
Which is why you might want to consider getting long-term care insurance in addition to your medical coverage and life insurance.
After all, most of us will need some help taking care of ourselves later in life – but the biggest question is how will that care be paid for?
Long-term care insurance is one way to protect your future.
After all, we never know what will happen in the future and accidents do happen.
The real question is – how will you pay for long-term care that your standard health insurance doesn’t cover?
The answer is often long-term care insurance.
Why Do You Need Long-Term Care Insurance?
You never know when you might need long-term care insurance, whether you are in your thirties or your fifties or even older.
If you are diagnosed with Alzheimer’s, dementia, or any other physical and/or mental problems that require professional care, having long-term care insurance will be beneficial for you and your family.
Long-term care insurance that covers the costs of having a regular professional caregiver (or even the costs of having a family member serve as a caregiver) can give you amazing peace of mind as you grow older and should be part of a sound financial strategy.
Note that your insurance company may send a nurse or other medical professional to check you out and determine a “plan of care” that includes all the things that are covered under your long-term health care coverage.
Under the majority of long-term care policies, you may have to pay out of pocket for a certain amount of time (usually 30, 60, or 90 days); after that time or elimination period, your insurance company will start reimbursing you for the costs of your care.
What Type(s) of Long-Term Care Insurance Do You Need?
The amount of long-term care insurance you need depends on a range of factors, including your family medical history, your own medical history, and even the ability of your spouse or other family members to step in and help take care of you if you become incapacitated, unable to work, and require long-term care.
Keep in mind that when you’re purchasing long-term care insurance, you’ll want to keep the long-term care elimination period in mind.
Note that your long-term care policy will likely have an elimination period that usually consists of consecutive days of disability.
For example, if your long-term care policy elimination period is 30 days or 90 days, you would need to be disabled, in the hospital, or otherwise unable to work for that number of consecutive days before your insurance coverage begins.
How Do You Choose the Right Type of Long-term Care Insurance?
Long-term care insurance can be one of the best investments you ever make – and it is generally not something you think about until it’s too late.
In the majority of cases, you won’t qualify for long-term care insurance if you already have a debilitating condition.
Long-term care insurance for seniors and anyone else can become costly, but it might also be worth it in the end.
This type of insurance will help you protect your assets as well as giving you more choices about your long-term care, should you need it.
You should know that you may be required to fill out a health questionnaire or answer other questions from an insurance agent before you purchase long-term care insurance.
They may also ask for your medical records.
Moreover, your insurance company will take your age, your health, your marital status, and your gender into consideration when you are applying for a long-term care policy.
Which of the Following is True About Long-Term Care Insurance?
Long-term care insurance is not something you can wait to buy when you need it; rather you need to secure long-term care coverage before you are injured, ill, or disabled.
It will be less costly if you buy a long-term care insurance policy while you are still young and healthy.
Almost half of those who are over 65 develop conditions that require long-term care.
And in the United States, regular health care insurance doesn’t normally cover long-term care, and Medicare won’t necessarily cover you either.
Which is why you should plan ahead, especially if you have a family history of conditions like dementia that require extra care and help.
What Other Types Of Insurance Are Related To Long-Term Care Insurance?
Life insurance, disability insurance, and any other type of health insurance are related to long-term care insurance.
You can often bundle long-term care insurance with other types life insurance – just ask your insurance agent to help you find a policy that meets your needs and budget.
Long-term care insurance is something that people often don’t think about getting – but it can be an important investment in your and your family’s future.
Speak to an ASCO Insurance specialist about the best long-term care insurance policies.
