We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
It might be hard to imagine now, but chances are you’ll need some help taking care of yourself later in life. The big question is: How will you pay for it?
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Nursing home care
In-home care & Nursing
Modifications to house
Major diseases coverage
Nursing home care coverage
Some policies only cover nursing home care. It doesn’t cover assisted living facilities, which is essential since this care is rapidly expanding.
Long-Term Care insurance should be considered to cover these expenses.
In-home care & nursing coverage
You may end up paying for in-home care, including nursing and physical therapies.
Many Long term care policies also cover in-home care, including nursing care, physical therapy, and medical equipment.
Adult daycare coverage
You may have to pay them for their services from your pocket if you hire a caregiver.
Policies may cover community care, usually adult day care, so you don’t need to pay them all by yourself.
Modifications to house coverage
You may need to build a wheelchair ramp for one of your family members because of their medical conditions.
Some policies may even pay benefits to family members who act as caregivers or cover home modifications, such as adding wheelchair ramps or installing safety devices.
Major diseases coverage
A family member may be affected by a major disease and need continuous care, which may cost you money daily.
Most policies cover care related to Alzheimer’s or other forms of dementia. Still, there are exceptions because this is a common condition, double check that it’s included in your loved one’s policy.
What is Long Term Care Insurance?
Buying long-term care insurance is one way to prepare. Long-term care refers to a host of services that aren’t covered by regular health insurance. This includes assistance with routine daily activities, like bathing, dressing or getting in and out of bed.
A long-term care insurance policy helps cover the costs of that care when you have a chronic medical condition, a disability or a disorder such as Alzheimer’s disease. Most policies will reimburse you for care given in a variety of places, such as:
A nursing home.
An assisted living facility.
An adult day care center.
What are the types of Long Term Care Insurance?
Traditional long-term care insurance is a no-frills, standalone insurance policy. All it does is offer to pay for long-term care services when you need them. That’s it!
When does a traditional policy kick in? The policy is triggered when you can no longer perform two out of six activities of daily living (such as dressing, bathing, eating, or transferring to a wheelchair) or suffer from severe cognitive impairment. After a waiting period of 30–90 days, your benefits should start coming in.
Another option is a policy that combines life insurance with long-term care coverage. With a hybrid policy, you can access the death benefit—the money that your beneficiaries would receive in the event of your death—while you are still alive to pay for long-term care.
And if you end up not needing care, your heirs get the full payout. Rates are considered “noncancellable,” which means premiums are fixed for life.
Why is Long Term Care Insurance important?
About half of 65-year-olds today will eventually develop a disability and require some long-term care services, according to a study revised in 2016 by the Urban Institute and the U.S. Department of Health & Human Services. Most will need services for less than two years, but about 14% will require care for more than five years.
Regular health insurance doesn’t cover long-term care. And Medicare won’t come to the rescue, either; it covers only short nursing home stays or limited amounts of home health care when you require skilled nursing or rehab. It does not pay for custodial care, which includes supervision and helps with day-to-day tasks.
If you don’t have insurance to cover long-term care, you’ll have to pay for it yourself. You can get help through Medicaid, the federal and state health insurance program for those with low incomes, but only after you’ve exhausted most of your savings.
Purchasing long-term care insurance can give you peace of mind and protect the savings you worked so hard to build. You’ll know that if you become ill, you can afford the care you need and still have enough money in your nest savings for you and your spouse. Plus, your kids won’t be burdened with huge payments for your care.
If you have any questions on Long Term Care Insurance or want to compare the best policies, contact us today!
Already have Long Term Care Insurance? Switching is easy
It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options
If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.
Contact us today to help you with multiple options to choose from.
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