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What Is Long-Term Care Insurance?

As you prepare for retirement, it’s important to have a long-term care plan established to ensure that your future interests and lifestyle choices are protected and fit your budget once you hit retirement age. There are a lot of details that go into a senior care plan, one of the most important being the financial aspect. Not sure what long-term care insurance entails? We’re here to break it down for you.

Long-Term Care Insurance Explained

Long-term care insurance is a special type of coverage that older adults may decide to opt into to protect themselves as they age and need more assistance in their daily lives. It is so important because it covers a multitude of care costs that traditional insurances don’t or won’t cover. Many seniors will need long-term care in their lives, and without long-term care insurance, many of these costs will come out of pocket. This can cause a senior’s retirement fund to disappear more quickly.

Senior woman using new technology

How Do I Get Long-Term Care Insurance?

There are only a handful of insurance companies that sell long-term care insurance which can make choosing a company a little easier. However, there are many online resources you should go through to ensure that you will get you the best deal. You’ll want to consider both the coverage plan and premiums that your budget allows. Once you’ve done your research, you can begin to contact your preferred companies to see what plans they have for you.

showing his elderly father how to use a tablet at home

Making A Purchase

Most older adults purchase long-term care insurance between their mid-50s and mid-60s. Deciding when to purchase your long-term care insurance will depend heavily on your health because it will be nearly impossible to obtain this insurance with a pre-existing condition.

Mature couple in front of apartment building

Coverage Options

Long-term care insurance is typically accepted at most nursing homes, assisted living communities, adult care facilities and a few other places. Depending on where you go, long-term care insurance often covers skilled nursing, therapy and assistance with the duties of daily living. To find out what other services are covered, reach out to a specialist at the insurance company you’re interested in or consult an Elder Law attorney for assistance and advice.

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