As our population ages and modern medicine extends life expectancy, a new risk faces those who likely will need care and support during their later years. We all want to have the peace of mind that we will be able to take care of ourselves and our loved ones as life moves forward. Securing long-term care insurance (LTC) is an important means of achieving some certainty, because it helps cover some of the cost associated with long-term care services and support — when you’ll need it most.
At Doeren Mayhew Insurance Group, we understand that nearly 70% of people over the age of 65 will likely need assistance due to a chronic illness or disability. Given that traditional health insurance and Medicare do not cover these costs, long-term care insurance should be a part of your long-term financial plan. We help clients like you prepare for the unexpected with insurance options designed to address this often overlooked area of planning.
What is Long-Term Care Insurance?
LTC insurance is a private insurance option that will cover care later in life for chronic illnesses or disabling conditions that are not typically covered by health insurance or Medicare. These long-term care services may be provided in a number of settings, including at home, in a nursing home, or at an assisted living facility.
What Does LTC Insurance Cover?
A long-term care insurance policy helps to cover out-of-pocket healthcare costs that Medicare and private insurance policies do not cover, such as:
- Home healthcare services
- Nursing home services
- Assisted living services
- Adult day-care services
- Respite care
- Recovery period care
- Home assistance services
When Should You Buy Long-Term Care Insurance?
We know the goal is to identify the right age to buy the policy while keeping premiums affordable. Given that coverage may be denied due to poor health and that rates generally increase with age, financial advisors tend to recommend that the best time to shop for an LTC policy — if you’re still healthy — is before age 60.
Factors that May Affect LTC Rates:
- Age
- Pre-existing health conditions
- Smoking status
- Waiting period (elimination period)
- Annual benefit amount
- Benefit duration
- Lifetime maximum benefit amount of the policy
- Additional benefits and riders
How We Can Help
Talk to your trusted insurance agent about your options for long-term care insurance. Achieve the peace of mind you deserve by securing a customized insurance solution that will complement your retirement plans and ensure long-term financial stability.
Contact us to schedule a consultation with one of our trusted insurance agents today!