What is Long Term Care Insurance?

What is long term care insurance and what is it used for? 

When many people relate long term care insurance with nursing homes.  It is true that long term care insurance can be used to offset the cost when residing in a nursing home, but people don’t realize that it can be used for other care situations. In addition, it can be used for paying for in-home care. Long-term care insurance is configured to assist in paying for care that may be needed daily for an extended period of time. Long term care insurance is not the same as traditional medical insurance.  It goes above the scope of coverage provided by your medical insurance.

Regardless if you are living in an assisted living facility, nursing home, or living at home you can benefit from long term care insurance.  However, you will want to plan ahead before you need any services.  The idea is to apply for coverage before you actually need any type of care because if you wait until you are ill then you may not be approved for long term care insurance or your premium will be significantly higher.  Typically your rate will be based off of age, health, any pre-existing conditions, and income.  It is recommended to begin a long term care policy before you are at the retirement age.  You will want to work with a professional that has experience with long term care insurance policies.  Working with a professional will help you choose the best policy based on your budget and expected needs.  Take your time and thoroughly go through all of your options to choose the best plan.

Is Home Care Covered?

Most people as they get older do not realize the benefits of having a long term care insurance policy and everything it can be used for.  These policies can be used for in home care, so you can have the peace of mind knowing that you can age in place. There is not better place to be as we age than staying in our own home surrounded with familiar things. Plus, when talking with a professional inquire about policies that also cover home modifications that you may need to make to your home as you get older.  Sometimes renovations may be needed for safety reasons, like making changes to the bathroom as an example.

Investing in Long Term Care Insurance

With the life expectancy expanding into our 90’s and even 100’s for some people, being prepared will make the difference as you age.  Not only investing into a long term care insurance plan, but also making sure you understand your policy so you can take advantage of the many benefits that are available to you.  To qualify for benefits may be as soon as you start to need assistance with your daily living, like bathing or getting dressed.

The last thing you want to do is wait until a problem arises because it may be too late to be able to obtain coverage.  Begin planning ahead by speaking with a professional to become informed with the choices you have.

Need home care services and not sure what your long term care insurance covers?  Call us today at (480) 618-5995 and we can help you navigate your policy and begin receiving the care you need.



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