Whether it is in the form of hospitalization, assisted living, or home healthcare, the elderly often need help in their twilight years. It might be hard for you to imagine now but, as your age increases, you are more likely to need assistance to take care of yourself. One way to prepare for this inevitable phase is to seek long-term care insurance services.
Why do I need long-term care insurance?
Long-term care insurance services are designed to provide benefits that are not usually covered by regular health insurance plans. This may include assistance with routine daily activities, such as bathing, dressing, and taking prescription medications. A long term care insurance plan will come to your rescue and cover the costs of care when you have a chronic mental condition, a disability, or a disorder and need care for a long time.
What makes long-term care insurance important?
The best thing about long-term care insurance is that, unlike other types of insurance, it will reimburse the cost for the care given in your home, a nursing home, an assisted living facility, and an adult day care center. It is like a long-term financial plan that helps you live with confidence without worrying about the time when you will no longer be able to earn and need financial help for your long-term healthcare needs.
How long can I wait before buying a long-term care insurance plan?
Even though long-term care insurance is all about planning for the time when you will be in your twilight years, you should not wait much longer to buy the long-term care insurance policy. It’s because most insurers won’t cater to your insurance needs if you already have a debilitating condition or disease. Some may approve survivors of some conditions if the recipient shows resolution and stability.
You might hear that one should buy long-term coverage when their age is between 60 and 65. However, we would recommend you to buy it before you reach your 60th birthday because as a person approaches the 60s, he/she already start experiencing health issues. When that happens, your chances of finding a good long-term policy get slim.
What if I don’t get sick in the future? Will long-term care insurance be a waste of money for me?
In the USA, 42% of people older than age 85 need long-term care, while around 47% of men and 58% of women of age 65 and older need long-term care during their lifetimes as per 2018 data. That means people are more likely to need long-term assistance as they cross the age of 65. In that case, they can highly benefit if they already have a long-term care insurance plan in place.
However, if you would never need to use long-term care benefits, the premiums you have paid will be of no use. You won’t get anything in return. In such circumstances, you may consider this plan a waste of money. But, before you make any decision, always remember that you might not need insurance but you need a plan to live your life without fear of running out of money.
So, is there an alternative to long-term care insurance?
One great alternative to long-term care insurance is that you purchase a plan that combines long-term care insurance with permanent life insurance. In case you don’t need long-term care benefits ever, the insurer pays a benefit to your beneficiary upon your death. However, this option also comes with its drawbacks. No matter what insurance plan you decide to choose, you must know about the coverage they provide in detail, their pros and cons, and the credibility of the insurer. We can help you clear your doubts, provide answers to all your insurance-related questions, and help you determine which insurance plan best suits your requirements. If you’ve got further questions, please get in touch with us. We are always happy to help you.