Long-term care insurance is a policy that helps cover the costs of care needed when you suffer a chronic medical condition, disability, or disease, such as Alzheimer’s or dementia. Buying long-term care insurance is one way to prepare for your future. Anxious about how to pay for your loved one's nursing home costs? Here are 3 things to keep in mind when looking at long-term care insurance. Share on X
Whether you are living at home, in an assisted living facility, or in a nursing home, you may benefit from long-term care insurance. It is, however, important to know that you need to start planning ahead of time before you need these services. Â Â
Choosing the Best Policy
When you are looking for the best long-term care insurance for your needs, keep in mind that each state has different requirements and coverage depending on where you live. Try to work with a professional who has been trained in long-term care insurance policies so they can help you determine what works best for your anticipated needs and budget. Ask if you qualify for a group plan through your employer or a joint policy with your spouse or partner. Â
What LTC Insurance Covers
Each long-term insurance policy is different and many can be used for an array of services. It can help offset costs of nursing home or assisted living facilities, but it can also be used for in-home care if you choose to age in place, or even adult day care services.
Long-Term Care Policy Sources
Long-term insurance come from a variety of sources. You can buy a long-term plan through your insurance company, but you might qualify for an employer-sponsored plan, as well. Likewise, there are certain professional organizations and state partnership programs available, too. And, as mentioned above, also look into joint policy availability so you can buy a single policy that covers more than one person.
ProTip: Long-term care insurance is designed to help pay for care that may be needed on a daily basis for an extended period of time. It goes beyond the scope of coverage provided by typical medical insurance.
Investing in Long-Term Care Insurance
The average life expectancy of both men and women has increased, and many people are living into their 80s, 90s, and even 100s. There is no way of knowing whether you will need long-term care benefits or not, but it is often better to plan ahead and have them just in case you or your loved one need memory care or assisted living services one day in the future.
Join the conversation to learn more about you or your loved one can benefit from long-term care insurance.
