Long-term care insurance covers the financial costs of your future care if you get sick. It’s an investment that provides for you and your family in several ways.
Reduce your Future Financial Burden
The cost of long-term care can exceed thousands of dollars, so it makes sense to purchase a policy while you’re younger and healthier.
Policy premiums depend on several factors, including:
- Your gender, age and health when you purchase the policy.
- The per-day payout.
- The length of time the policy covers.
- The policy’s lifetime maximum.
- Optional benefits you add to the policy.
By purchasing an Long Term Care Insurance policy you can afford now, you help ensure your future care and relieve your loved ones of that financial burden.
Purchase a Policy when you’re Healthy
Wait until you’re already sick and you may not qualify for long-term care coverage. Many insurance companies deny coverage if you currently:
- Use long-term care services.
- Need help performing Activities of Daily Living (ADL).
- Have dementia, cognitive dysfunction or Alzheimer’s disease.
- Suffer from a progressive neurological condition, including Parkinson’s disease or multiple sclerosis.
- Had a stroke within the past two years or have a history of strokes.
- Have metastatic cancer.
- Have AIDS or AIDS-Related Complex (ARC).
For these reasons, consider purchasing a policy while you are still healthy to help guarantee your future care and give your family greater peace of mind.
Receive More Care Choices
Your private health insurance or Medicaid may pay for some care, but they might not cover homemaking services, therapy or assisted living. As a result, some care needs could fall to family members.
An LTC insurance policy gives you more care options, including Long-Term Home Care Coverage, so your loved ones can relax knowing your needs are met.
Customize your Care
When you purchase a long-term care policy, you choose a maximum daily amount of coverage. That limit can cover homemaking services and daily care expenses such as dressing, bathing, or eating.
The policy can also pay for treatment in your home, an assisted living facility, or a nursing home. You can receive hospice, respite and skilled nursing care along with occupational, physical, rehabilitative, and speech therapy.
You can also explore hybrid options such as Long Term Care Life Insurance that combine life and long-term care benefits.
Protect your Savings
The high cost of long-term care can put a strain on savings. In a short time, a nest egg and other resources could be depleted by care expenses.
Because long-term care insurance can protect savings and provide choices for care, consider purchasing a policy today. When you're ready, talk with your agent to discuss your specific needs.
Frequently Asked Questions
When should I buy long-term care insurance?
It’s generally best to buy when you are healthy and before care needs arise, since health conditions can affect eligibility and premiums.
What types of care does a long-term care policy typically cover?
Policies commonly cover in-home care, assisted living, nursing home care, hospice, respite care, and various therapies, subject to policy limits.
Will Medicare pay for long-term care?
Medicare provides limited coverage for short-term skilled care but generally does not cover long-term custodial care or most assisted living costs.
Can I buy long-term care insurance with a preexisting condition?
It depends on the condition and insurer; some preexisting conditions may lead to denial or higher premiums, so buy while healthy if possible.