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What If I Need Long-Term Care? An Expert Guide To Long-Term Care Insurance

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Long Term Care Insurance

Most people don’t want to think about being old and needing long-term care, however at the end old age will come to us all. There’s a good chance that you might require nursing care in the long-term when you’re elderly so it’s a good idea to plan ahead while you’re still earning and able to save.

Lots of retirees today have to pay vast sums for long-term care. They often have to sell their homes and assets simply to pay for in-home healthcare or nursing homes. If you plan in advance, however, you can avoid this eventuality.

The Benefits Of Long-Term Care Insurance

If you’re approaching retirement and are worried about having to spend your life savings on ongoing care, a long-term care insurance policy is a good idea. It covers the cost of nursing home care, in-home aid and assisted living facilities †something which Medicare won’t cover. If you’re aged 52-64, it’s the right time to consider investing in one of these policies since this is the best time to obtain an affordable premium.

How Much Does Ongoing Healthcare Cost?

Medicare won’t cover the cost of all ongoing healthcare needs, so many older people need to use their life savings or even borrow from family or friends should they require daily assistance during their later life.

Ongoing healthcare costs don’t come cheap. A semi-private room in a nursing home costs about $7,000 per month. Private rooms will cost about $1,000 more than that figure. A one-bed assisted living facility unit will come in at around $4,000 monthly and even if you opt for an in-home health aide you can expect to pay about $20 an hour. It’s easy to see how those costs mount up. The Urban Institute has carried out research that found more than half of people aged 65 or over will end up developing a health condition that requires long-term care for two years or less. One person out of every seven will go on to require at least five years of ongoing care. It’s easy to see, therefore, how a long-term care policy cut reduces the costs significantly.

Who Is Most Likely To Require Long-Term Healthcare?

Nobody knows who will go on to need long-term healthcare in their old age. However, women should definitely think about taking out a policy. Statistically, women outlive men and therefore, they often end up living alone during their later life. Anybody who has already been diagnosed with a chronic illness should also consider a policy. Conditions like diabetes and hypertension could wind up resulting in a long-term disability that necessitates ongoing care. Those who have a poor family health history and those with poor diet and exercise habits may also want to seriously think about whether taking out insurance could be the best course of action for them.

Can Everybody Take Out Long-Term Healthcare Insurance?

Most people will be eligible to benefit from this kind of policy. Unfortunately, though, not everybody will be eligible to take out long-term healthcare insurance. If you already need to have assistance with certain daily activities, if you’ve been already diagnosed with AIDS, dementia, a progressive neurological condition or metastatic cancer, or if you’ve recently had a stroke, this type of insurance policy may be denied to you. Nevertheless, it’s always worth checking with different insurers to find out whether you may be able to get coverage since every insurance company will have its own criteria.

Where Do I Purchase Long-Term Care Insurance?

Several insurance companies offer their own long-term care policies. There are many kinds of policies to pick from. You could opt for standard LTC cover or one of the hybrid policies such as the Nationwide Care Matters long term care plan. This offers combined benefits of standard LTC cover and life insurance. You will, therefore, have to carry out plenty of research in order to make a well-informed final decision. If you take the time to select the best insurance provider to meet your needs you will benefit from the complete peace of mind that you’ll be provided for properly in the event that you end up requiring long-term healthcare during your retirement.