Many of us may find our assets are at risk as we struggle to pay the costs of daily living assistance during periods of serious illness or disability, or as we age. These types of costs are not covered by traditional health policies or Medicare. For some, Long-Term Care Insurance may be the best alternative. You may not qualify for long-term insurance as you age and your health changes, so It is best to consider purchasing Long-Term Care insurance while you are still healthy.
As an independent insurance agency, Emmanuel Insurance represents several top-rated insurance companies which allows us to find coverage that fits your needs and budget.
Long-Term Care (LTC) consists of in-home and facility care, or care by certified family members, which you may need as you grow older in order to maintain your quality of life. Since many of us will require LTC assistance at some point in our lives, and these expenses can be costly, LTC insurance is important to consider. LTC insurance provides peace of mind in knowing that certain costs will be covered in the event you need this kind of assistance.
Long-Term Care insurance policies do not just cover facility care - watch this video to learn how your benefits can be used.
Services Typically Covered: Certain criteria may need to be met for eligible providers (depending on policy options selected), and insurance may cover some or all of the following LTC services/options:
According to the U.S. Department of Health and Human Services, approximately 70% of of people turning 65 will need some form of Long-Term Care services, including assistance with getting dressed, driving to appointments, or making meals. But it is important to remember not all people in need of assistance are over 65 - approximately 37% of those who require assistance are younger than 65. Now is the time to make sure you are covered so you are able to maintain your quality of life as you age or in the event of illness or disability.
Download our helpful guide to Long-Term Care Insurance
Although this list is not exhaustive, it provides some insight into considerations for Long-Term Care insurance options:
Health Coverage and Medicare: Employer health care does not pay for Long-Term Care expenses. Medicare will pay for home care during a limited timeframe or a short duration nursing home stay (both under stringent guidelines). Medicaid can also be accessed but only after assets have been depleted to a certain level ($2000 or less) and care may be limited to a nursing home. As a result, many people choose to purchase Long-Term Care insurance to help cover the costs of LTC services should they be needed.
Coverage Options: There are various LTC insurance options available, and depending on the policy you select, this insurance can help you pay for various care options you may need in future years. Be sure to understand whether the facilities and services you think you may want (in the location where you live) are covered. There may also be hybrid policies available (i.e., offering options to draw from a whole life policy for example to cover Long-Term Care expenses, and providing remaining funds to your heirs).
Other Factors to Consider in Selecting Coverage: You will need to evaluate current/anticipated support systems, age and health, premium costs, current/anticipated income, financial planning, savings and investments, and taxes, among other factors. When selecting a policy, it is important to understand qualifying benefits 'triggers', i.e., loss of ADLs (activities of daily living), coverage exclusions, elimination periods, limits, etc.
Contact an insurance agent at Emmanuel Insurance today to answer any questions about Long-Term Care Insurance or for a free review and insurance quote for Long-Term Care Insurance. And don't forget, as an independent insurance agency, we represent several top rated insurance companies. We have the flexibility to help you find coverage at competitive premiums for business, home, auto, and more.
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