5 Reasons To Consider Long-Term Care Insurance

But what is long-term care insurance?

“Unlike traditional health insurance, long-term care insurance is designed to cover long-term services and supports, including personal and custodial care in a variety of settings such as your home, a community organization, or other facility.”
U.S Department of Health & Human Services

Long-term care insurance has many benefits and can help ease the burden of a chronic illness or permanent disability in a multitude of ways. Here are 5 reasons why you need long-term care insurance.

Lessen Out-of-Pocket Costs

You work hard to build your savings account; don’t let an unexpected health issue dry it up! Long-term care insurance can help you transfer the risk and the cost of care to the insurance company instead of directly to you and your assets. Having long-term care insurance helps you cover the costs so you won’t have to worry about paying for it entirely out-of-pocket.

Care Options

With long-term care insurance, you have options regarding the type of care you receive and where you receive it from. Most standard health insurances do not cover nursing home costs; but long-term care insurance covers a variety of care settings. These include your home, nursing homes, assisted living facilities, adult day care, and respite care.

Ease the Burden

You probably don’t want to burden your spouse or family members with the cost and upkeep of your care if something were to happen. Only one out of 10 have a long-term care policy, yet seven out of 10 will need long-term care. Long-term care insurance allows you to secure options for your care and how it will be paid for—so you don’t need to burden your loved ones.

Avoid Medicare

The cost of long-term care can cause some families to feel that Medicare is their only option.  Unfortunately, they have to spend down their savings to meet the eligibility requirements for assets, and even then Medicare only covers care for a limited amount of time.  Instead, long-term care insurance provides a set amount of money you can spend per-day on care, without having to fit into a certain income or length-of-stay requirements for Medicare. 

Sooner You Invest, Less the Cost

As with any type of insurance, there are certain stipulations one must meet in order to qualify for long-term care insurance. Purchasing it while you are younger and healthier not only guarantees you coverage but locks in a less expensive rate. The sooner you invest in the protection, the better!

It’s hard to consider the situations that long-term care insurance covers, but it’s important to understand what it is and how it works in order to protect you and your loved ones. Maximize your insurance advantages by investing in long-term care insurance today.