Age, accidents, disabilities or illnesses might make it no longer possible for someone to live without help. Yet, wellness and life care is going to cost money, regardless of whether someone lives at home or in a facility. Standard health insurance might not pay for many of these services, but long-term care benefits might. Consider adding this benefit to your personal insurance portfolio.
What is long-term care insurance?
You might wonder about how you might pay for home health care, nursing homes or other help if something happens to you. Long-term care services are not medical care specifically. As a result, most health insurance won’t cover home health or nursing home care except in limited cases. Health insurance often only pays for nursing home or in-home care for a very limited time, for example.
Long-term care insurance is one solution to the hole left by health insurance. This is a type of policy that can apply to the costs of home health or nursing home care well into the future. The policy can often work in conjunction with health insurance and other benefits like Social Security disability benefits, Medicare and Medicaid.
When will my policy apply?
Most long-term care policies cover many services offered by life care providers. They might pay if you need help with mobility, dressing, eating and personal services such as bathing or using the toilet. Policies can also usually cover both round-the-clock and part-time care. They might offer combined benefits in cases where both spouses need assistance, too.
Often, the insured person pays for their full care costs for a certain amount of time, such as 90 days. After that time, the long-term care benefits can kick in. Policies will have a limit that they will pay for services, both per day and throughout your lifetime. Therefore, it is still necessary for policyholders to save for long-term care, too.
Who needs coverage?
Most people don’t think they need long-term care unless they go to a nursing home in their old age. Of course, people often do need care at such a time. However, people of any age might need this care.
Therefore, you should consider buying long-term care insurance early. You'll have it available in case of a worst-case scenario. Plus, by investing early, you might also be able to get a more affordable policy. Your age and overall health can determine the rate you will pay for coverage.
Getting the right long-term care insurance does not have to be hard. Work with your agent to choose the benefits that will provide optimal coverage. Even if you don't need care now, then you will still have help available when you do.