What Is Long-Term Care Insurance?
Long-term care (LTC) insurance pays for help with simple activities like bathing, eating, and dressing. It covers expenses that Medicare and health insurance don’t pay for.
Despite what your presumptions may be, long-term care needs aren’t restricted to senior citizens. Approximately 37% of long-term care services are given to people under 65.
How Does It Work?
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.
What Does Long-Term Care Insurance Cover?
LTC insurance covers care in your home, at adult daycare, at a nursing home, or at an assisted living facility. You’ll have to submit a doctor’s report and a plan of care.
Why Purchase Long-Term Care Insurance?
It’s likely that you’ll need long-term care in some way, shape, or form. Half of people who are 65 today will require some method of long-term care. No matter the type of service, long-term care is very expensive. The national average for adult day care is $2,040 per month. Even if you just needed part-time help from an authorized homemaker service, it will still cost $30,000 per year. For most folks, long-term care is a pretty heavy blow to their retirement plan.
