Long term care insurance is a form of insurance that helps cover expenses not generally included in health insurance or Medicare policies. If you believe that you may need long term care as you grow older, such as if debilitating diseases run in your family, you should consider a long term care insurance policy.
This form of insurance covers expenses related to care needed due to disability, injury or chronic illness such as:
While short term hospice care is available under some long term care insurance policies, most hospice care is not considered long term and may instead be covered under a Medicare plan.
Long term care can also cover home modifications made to accommodate certain disabilities. Certain therapies may be included, as well, such as physical, speech or occupational therapy.
For example, if you are diagnosed with a chronic illness that makes it difficult to do everyday tasks on your home, long term care insurance can help pay for home care to assist in your day to day activities. This is especially important, as these facilities and specialized care can be particularly expensive. In fact, the average private nursing home may cost about $7,698 a month. This is just not substantial for most retirees, and not everyone has a family member that can provide them with around the clock care.
Is Long Term Care Insurance Expensive?
Compared with the care it covers, long term care insurance is relatively affordable. The cost of long term insurance varies depending on several factors, however, such as your age, gender, health history, family health history and more. Since long term care insurance is based on how likely you are to need long term care assistance, factors such as your health history and family’s health history can influence how much you pay for insurance. Having certain illnesses in your family history can increase the likelihood of you also obtaining the illness, which can in turn raise your long term car insurance rates.
If you are ever uncertain about what type or amount of long term care insurance you need, be sure to speak with an insurance agent. Everyone’s health care and long term care needs are different, so it is important to find and tailor a policy suited for you.