Long-term care is a broad category that envelops many types of needs, like assistance with daily activities, cognitive impairments, and chronic conditions. As life expectancy increases, the chance an individual will need long-term care increases, which can incur great expenses.
Nobody expects to need long-term care. Medicare and Medicare supplemental insurance policies (“Medigaps”) may provide some coverage with regards to things like skilled nursing facilities and short-term nursing home care after hospitalization, but Medicare and most health insurance plans do not cover long-term custodial care. What this means is that now is the time to plan for these unexpected situations.
Long-term Care Insurance is an excellent way to anticipate these situations and to give you financial security should the need for this type of medical assistance arise. Not only does long-term care coverage help you should you experience a debilitating condition in retirement, it can also serve as an asset protection tool—allowing you to retain retirement resources that you would otherwise have to use (and potentially exhaust) to cover medical costs.
Although there are many types of Long-Term Care policies, typical coverage includes:
- Assistance with activities of daily living.
- Home health care and visiting nurses
- The associated costs of assisted living communities.
- Nursing home care.
While there are stand-alone LTC insurance products on the market, many companies use a hybrid model, with LTC protection available as a rider or built into the base policy.
As with any insurance coverage, there are a variety of considerations you should take into account. You should consider features, specific coverage guidelines, benefit amounts, and benefits periods the policy covers, and more.
Contact us with all of your long-term care insurance concerns. We are committed to shepherding you through this process and aim to provide the best information, care, and services as possible.