What Is LTC Insurance?
Long-term care (LTC) insurance is a type of insurance that helps to cover the cost of long-term care services or adult day care. As already mentioned those services include help with a variety of activities that are connected with daily living such as dressing, bathing, etc. It helps you pay the costs for care that is provided in certified facilities.
These insurance policies typically have a waiting period, known as an “elimination period,” before benefits become payable. During this time, the policyholder is responsible for paying for their own care. Policyholders may choose a longer elimination period in order to keep their premiums lower, but this means that they will have to pay for a longer period of time before their insurance kicks in.
There are several factors to consider when deciding whether to purchase long-term care insurance. These include your age, health, and financial situation, as well as the cost of long-term care in your area. It’s important to carefully review the terms of any long-term care insurance policy that you are considering and to speak with a financial advisor or insurance professional to determine whether it is a good fit for your needs.
Why Purchase LTC Insurance?
There are several reasons why is good to consider purchasing this policy:
- To protect their savings and assets: Long-term care can be very expensive, and paying for it out of pocket can quickly deplete a person’s savings. Long-term care insurance can help to cover these costs and protect a person’s savings and assets.
- To maintain their independence: Long-term care insurance can help people to receive the care they need while still living in their own homes or in a community setting, rather than having to move into a nursing home or other facility.
- To provide peace of mind: Knowing that long-term care insurance is in place can provide peace of mind for both the policyholder and their loved ones, knowing that financial resources will be available to cover the cost of care if it becomes necessary.
- To preserve their legacy: Purchasing long-term care insurance can help people to preserve their legacy by ensuring that their assets will be available to pass on to their loved ones, rather than being used to pay for long-term care
You would purchase long-term care insurance through an insurance agent, like the ones at Turning 65 Solutions. You choose the amount of benefit, how long you want it to cover, and when you want it to begin.
You will be asked for some lifestyle and medical information. LTC insurance could be more expensive or unavailable if you have particular health conditions. The insurer will pay a benefit if you can’t perform two of the six daily living activities (eating, bathing, toileting, dressing, transferring, continence) by yourself, or you’re diagnosed with a cognitive disorder.