Long Term Care Insurance… Why Do You Need?

What is long term care insurance, and why do you need it? Most people have no idea what long term care is until they need it. At that point, it’s often too late. Long term care is a type of insurance that covers the costs of nursing home care, assisted living, and in-home health care. It’s important to have LTC insurance if you want to protect yourself and your loved ones from the high costs of long term care. In this blog post, we will discuss the basics of long term care insurance and how it can help you stay financially secure in retirement.

Things to Know

Did you know that neither your health insurance nor Medicare would pay for extended long-term care services in the event that you needed them in the future? If you develop a chronic illness or become disabled and can no longer care for yourself for an extended period of time, you’ll need long-term care services. Here are some answers to common questions about it to help you figure out if it’s right for you.

Why is Long Term Care Important?

If you’re like most people, you’ve probably thought about health insurance and life insurance, but you may not have thought much about long-term care insurance. That’s because it’s not something we like to think about – no one wants to plan for a time when they can no longer take care of themselves. But the fact is, long-term care is a very real possibility for many of us. According to the Department of Health and Human Services, about 70% of people over the age of 65 will need some type of long-term care services at some point in their lives. And while Medicare does cover some short-term care needs, it does not cover the costs of long-term care.

What is LTC Insurance?

LTC is a type of insurance that helps to pay for the costs of long-term care services. These services can include things like nursing home care, assisted living, in-home health care, and more. Long-term care insurance can help to cover the costs of these services so that you don’t have to pay for them out of pocket.

How Does LTC Insurance Work?

Long-term care insurance works by reimbursing you for the costs of long-term care services. You will pay premiums to your insurance company, and then if you need to use these services, your insurance company will reimburse you for a portion of the costs. The amount of coverage you have will determine how much of the cost your insurance company will cover.

What Are the Benefits of Long-Term Care Insurance?

There are several benefits that come with having it. First, it can help you to cover the costs of long-term care services if you need them. This can save you a lot of money, as the costs of long-term care services can add up quickly. Second, it can give you peace of mind knowing that you have a plan in place in case you need long-term care services in the future. And third, it can help to protect your assets in case you need to use long-term care services. If you don’t have this coverage and you need to use long-term care services, you may have to pay for them out of pocket, which could put a strain on your finances.

How Much Does Long Term Care Insurance Cost?

The cost of it varies depending on a number of factors, including your age, health, and the amount of coverage you need. However, the average cost of long-term care insurance is about $2000 per year.

Should You Buy Long Term Care Insurance?

There is no one-size-fits-all answer to this question. The decision of whether or not to buy this depends on your individual circumstances. You will need to consider things like your age, health, assets, and income when making a decision about whether or not to purchase it. If you have any questions about long-term care insurance, be sure to speak with one of us here.

Long-term care is an important consideration for anyone who wants to be prepared for the future. While it’s not something we like to think about, the fact is that many of us will need long-term care services at some point in our lives. And while Medicare does cover some short-term care needs, it does not cover the costs of long-term care. That’s where long-term care insurance comes in.

If you want to protect yourself. Give us a call and we can look at plans available for you.