It would not be wrong to say that people above 65 need long-term care at some point in their lives! But woefully, not all health insurance plans cover long-term care expenses. However, if you have already spent a ton of your savings and other assets, then you may get some of your expenses covered under the state-funded Medicaid programs.
In the United States, there are approx 48 million individuals who are above 60, and according to several surveys, the 48 million is projected to increase further to 98.2 million by the end of 2060! This is hugggeeee!
As kids are seeing their parents/guardians grow older and comprehending the costs of taking care of them as they age, they are looking for ways to churn up those costs for themselves. For loads of people, buying long-term care insurance is one of the most efficient ways to do this! A long-term-care insurance policy allows you to pay for long-term care insurance services in parts or whole.
With such kinds of plans, you generally have to pay premiums every month, and in case you need long-term care, your expenses are covered as mentioned in the policy. In addition, your long-term-care insurance policy may also give you options regarding what long-term-care services you receive and where. Shielding your assets, off-shouldering burden from your family, and managing how and where you will receive your long-term care services are great reasons to investigate the long-term care insurance services.
What does long-term care insurance cover?
However, long-term care policies vary immensely according to premiums and perks, the maximum number of policies cover the cost of-
- nursing home care
- in-home assistance with routine activities
- adult daycare and other community-based programs
- assisted-living services, including meals, health monitoring and assist with routine activities offered in a setting outside the home
- daily nursing supervision for aged individuals with chronic illnesses
Should I buy long-term care insurance?
Whether the long-term care insurance matches your financial planning picture or not is something that can only be answered with the help of your investment, tax, or legal professional.
Altogether, the decision on whether to invest in long-term care insurance services will depend upon your-
- retirement goals
Just like when you buy any other long-term product, perform your research properly; because the long-term care insurance policy is a long-term plan, meaning there will be loads of things at stake.
- Cross-check with numerous companies prior to drafting any decision.
- Just in case, you aren’t able to understand what a policy does and what it covers, chances are the policy is not meant for you.
- At the time of buying, if you are feeling the pressure, it may be better to wait.
- Double-check policies to avoid buying the same policy or thing again— would you insure your car twice!
If a long-term care insurance policy would be a wise choice for me or not comes with long-term consequences. Therefore, ensure to go through every piece of literature you get from a prospective insurer carefully.