What You Need to Know About Long-Term Insurance

Everyone needs a care insurance coverage. This is important to even for those who are in perfect health and think might need the services of assisted healthcare. Having long-term insurance health care guarantees you care services without having to stress about the financial expenses. Life insurance is not the same as care insurance. Long-term healthcare insurance pays the benefits to a person when you are still alive unlike the life insurance. Most of the time you will require long-term care if you are old and can’t take care of yourself or have suffered from a terminal illness or were involved in a fatal accident. More than 70% of individuals turning 65 years old in the US will need to have a long-term health care.

Here is some basic information that one needs to know when considering getting a long-term insurance care.

Cost of care is very high

If you are getting 44 hours of care per week, then be ready to spend from $47,934 to $97,455 in a year, if you want a private room in your nursing home of choice. Most public programs like Medicaid and Medicare are not able to fully cater for the large population of people needing the care services. The private care providers on the other hand are very expensive and that’s why getting insurance early enough is the best precautionary action. Since many people who don’t have insurance are forced to deal with the care expenses on their own, having an insurance coverage will reduce the emotional, physical and the financial demands that are associated with caregiving.

What is covered by the long-term insurance?

The first thing that is covered by insurance are care services whether it is at home or in a nursing home, adult day care activities, skilled nursing homes, or facilities for assisted living. Other additional benefits that can be covered include: home modification to allow the policyholder to enjoy a comfortable stay in their home, respite care, professional care planning, care coordination and help in outsourcing the best care provider for the policyholder. The cost of the cover is determined by the age of the policyholder when they are buying the policy, the monthly or daily payment that will be made by the policyholder, any additional benefits in the coverage and finally the lifetime maximum value.  

When should you buy the insurance coverage?

Many people who have little financial assets or none at all depend on government programs like Medicaid for long-term care. Having a long-term insurance coverage by the age of 50 is the best option to go for. Financial independence should not be the only factor that determines whether you will get an insurance coverage. The lack of defendants and close relatives to look after you at an old age can also be a good point to consider. Dependents like children, parents, spouses, siblings or close relatives are very important factors to take into consideration.

Do you have a question about long-term insurance? Click here to contact Colonial Home Care Services today!