Long-Term Care Insurance

Long–term care insurance is different from medical care because it generally helps you to live as you live now instead of improving or correcting medical problems. People often think of long-term care as strictly nursing home care. Long-term care services actually may include help with activities of daily living, home care, respite care, hospice care, or adult day care. This care maybe given in your own home, a day care facility, assisted living facility, nursing home, or in a hospice facility.

There are several types of Long-Term Care insurance policies on the market today’

Each person’s needs and financials situations are different, therefore it’s best to meet with an expert in this field to determine which policy is right for you if any.

You might not think about it now, but in the future, the chances are high that you may need some help in taking care of yourself. How will you pay for your medical needs? You can buy long-term insurance to prepare yourself for any medical mishaps. Long-term care insurance plans cover those areas that regular health insurance doesn’t pay attention to. This includes assistance with routine or daily activities like dressing, bathing, sanitary services, laundry, and many basic needs. Long-term insurance covers the cost of necessities when you have any disease or disorder. Most long-term care policies will help you pay for services like:

Long-term care costs are essential in any long-range financial plan, especially if you are in your 50’s and beyond. It is not a good option to wait until you need the care to buy coverage. You won’t be considered eligible for long-term insurance if you already have debt or are debilitating. Purchasing long-term care insurance depends on your situation and preferences. Before you purchase long-term care insurance, you need to know about the following factors:


Long-term care insurance can be costly

The total cost of long-term care depends upon the amount and type of care you demand and where you want it. This type of care is generally expensive, so you will need to conduct your research. You can investigate insurance costs in your region or area for care in a nursing home, home, or an assisted living facility. This factor can help you if you are on a low budget or live on a fixed income.


Shop Around

After getting the idea of the cost and reimbursement of care near you, you should call several agents and companies for insurance. Compare different aspects while choosing insurance. You can look for the benefits, limits on your coverage, types of facilities covered, and the premium cost while choosing proper long-term insurance. Also, don’t forget to ask about the rate increase history of the provider. It is advised to choose only reputed agencies or companies to buy long-term care insurance.


Deciding whether to buy

Buying a long-term care insurance policy can be a huge task. First, you need to figure out if you need the policy or not because some insurance providers have now started giving benefits of long-term insurance plans in healthcare plans. Also, buying a long-term care policy depends on your age, retirement goals, health status, and assets. If you choose the premium plans, then you should know that they are mostly expensive.



If you are living on a fixed income, you should probably think twice before purchasing such an expensive plan or policy. On the other hand, if you have financial ways to pay premiums, and some assets and belongings you wish to protect, you should not wait for a long time to buy a long-term care insurance policy.



Did you know your retirement assets can be at risk during a long-term care event?


Think about this —

There are several ways to acquire protection to pay for Long-Term Care. The conventional way where you pay premiums and if you do not use it the money you have paid for the long-term care insurance is just like car or home-owners insurance. YOU LOOSE IT.

Wouldn’t it be great if your homeowners and car insurance company gave you most your premiums back if you did not use it?

Well, there is great news as far as long-term care insurance. There are policies now that do that very thing.


Did you know long-term care insurance will now pay for keeping you at home whenever possible.


If you qualify, a reverse mortgage can be used for paying for many different expenses, including the cost of long-term care. This concept uses the equity in your home and then you can use the proceeds to help pay for such as nursing care in your home, medical bills. home modification, and any other need a senior may have. This may or may not work for you and many things need to be considered before getting a reverse mortgage.


There are also new types of life insurance policies that have long-term care riders that will accelerate the life insurance proceeds to pay for long-term care.


If you have an older life insurance policy, you may be able to sell it to acquire funds to pay for long-term care.


Medicaid is another avenue to pay for long-term care but should be used as a last resort to pay for long-term care. In some cases, people may not have a choice. If you think Medicaid is your only option, you should seek the advice of an elder law attorney prior to applying for Medicaid.

When buying long-term care insurance, it is particularly important you look at a company that specializes in long-term care and has an AM Best Rating of A+. There are very few insurance companies that now offer long-term care insurance and it is important that you pick a financially strong company that has years of experience in the long-term care field.
Are you like most people and have waited to do your estate planning? Most people do not like to discuss the following, but it is a big mistake to wait to prepare the following:
A durable power of attorney for health care, and financial power of attorney are essential, along with an advance directive or living will.
Elder law attorneys can help with: Trusts, Wills, Durable Powers of Attorney, Medicaid and VA Benefits, Advance Medical Directives, Other Important Legal Issues and Documents.
If you are a veteran, you may have long-term care benefits.


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A Shopper's Guide to Long-Term Care Insurance
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