The Need for Long-term Care

Everyone values their independence, but sadly, as we get older or experience medical setbacks, we may need help with daily living tasks. According to the Department of Health, 7 out of 10 people turning 65 today will need long-term care during their lifetime and 20% of those will need care for five years or longer.*

Long-term Care Costs

The high cost of long-term care can deplete most people’s savings quickly. According to LongTermCare.gov, the nationwide median cost of a semi-private room in a skilled nursing facility is $7,698 per month, totaling $92,376 per year. This cost is not covered under private medical or disability insurance or even Medicare. Medicaid provides some benefits, but only after your assets are spent down to poverty levels.

Long-term Care Insurance

For those who are concerned about these statistics, there may be a place to turn for some help. Long-term care insurance policies are available to help cover the cost of care. Policies vary greatly, offering different benefits and prices. Some examples of the type of care these policies can help cover include: in-home help, adult day care, assisted living or nursing home facilities and even in-home safety modifications.

Is it for You?

Many factors play into the decision to buy a long-term care policy. First thing to consider is your financial situation. Do you have the resources to pay for long-term care? Or, maybe you want coverage to help you to be able to preserve your assets for your spouse or as an inheritance for loved ones.

There are emotional reasons to consider coverage, too. For example, many feel comforted knowing they have the coverage, if needed. Others are concerned about becoming a burden to their family members.

Get Educated

Whatever your reasons for seeking information about long-term care coverage, an insurance professional who is familiar with elder care or long-term care planning will be able to explain the options and various benefits available.

Premiums increase significantly with age and you will have to health-qualify, so don’t wait too long to decide.

*https://longtermcare.acl.gov/the-basics/how-much-care-will-you-need.html