What is Long Term Care Insurance?

If you’re interested in learning more about long term care insurance, you’ve come to the right place! There are plenty of articles out there that tell you how to get it and why you need it, but most of them talk about the same thing; what long term care insurance is, and how much it costs. What if you already know those two things? Don’t worry! Here are five helpful tips on what to do if you have long term care insurance and are thinking about using it!

1-What is long term care insurance?

Long term care insurance is a type of health insurance that covers part of your health care costs if you are unable to perform certain everyday tasks, such as dressing yourself or bathing. It also helps pay for hospice care and assisted living facilities. When you’re insured, your policy will pay a percentage of long-term care costs so you don’t have to bear all the costs alone. It’s very important to understand what sort of coverage you need to select an appropriate policy.

2-Why do you need long-term care?

If you suffer from a debilitating injury or disease and aren’t able to live on your own, long-term care insurance California can provide financial assistance. In-home care can be expensive, and as you get older, it might become difficult to find affordable housing that offers assistance with daily tasks such as bathing and dressing. By purchasing long-term care insurance now, you could save tens of thousands of dollars for medical treatments down the road. Find out if long-term care insurance in California is right for you by contacting an agent today. One phone call can give you a better understanding of how much coverage would cost.

3-How does it work

Long term care insurance provides seniors with the financial security of knowing that if they ever need to pay for long-term care, they can. If you’re wondering how it works and whether or not you should get long term care insurance, here’s what you need to know.

What Does Long Term Care Insurance Cover?

In general, all long term care policies provide three kinds of benefits: nursing home coverage, assisted living coverage, and in-home services coverage. Some policies may offer optional extra coverage such as home health aid services and adult daycare. In addition to covering necessary medical costs like physical therapy and prescription drugs (as opposed to discretionary cosmetic surgery), long term care policies also cover a portion of your living expenses while receiving institutionalized care—commonly 70 percent up to a certain daily maximum benefit amount. This means you would only have to come up with 30 percent of your covered stay yourself. The average daily cost at a nursing home varies by state but tends to range from $100-$200 per day depending on where you live and what kind of care you need. A typical policy will cost anywhere from 2-3x monthly rent so plan accordingly if you think using long term care services is in your future.

4-When should you buy it?

The idea of needing long-term care can be a frightening one. So, it makes sense that most people have a lot of questions when it comes to long-term care insurance. A good time to consider purchasing long-term care insurance would be when you’re reviewing your health and life insurance coverage. But don’t wait too long or else you may be stuck with fewer options and higher costs.

5-Who are the insurers

Once you’ve narrowed down your needs and wants, it’s time to select a provider. This should be based on your personal preferences for coverage levels and price. Remember, there are plenty of plans out there that will offer more coverage than you need at a higher cost than you can afford. The key is finding something that fits into your budget—and still gives you peace of mind.

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