Everything You Need to Know About Long-Term Care Insurance


It is Long-Term Care Insurance Awareness Month, so we put together a guide with everything you need to know before purchasing this coverage! 

What is Long-Term Care Insurance?

You work hard and want to ensure that you and your family are taken care of; long-term care insurance is another way to protect your loved ones, preserve your investment, and take care of yourself. Americans are living longer than ever, and unexpected injury and illness can not be predicted as we know. Whether in an assisted living facility, nursing care home, or in-home services, the cost of long-term care can add up quickly. Long term care insurance helps cover the cost of support and services in the event that you need long-term daily assistance due to age, chronic illness, or disability.

Who Needs Long-Term Care Insurance?

The aging population is the most obvious answer but not the only answer. The older you get, the likely hood of needing long-term care is much higher, but it may also benefit those that don’t have a family to take care of them, or women, who on average, tend to live longer than men and may need assistance once their spouse has passed. It can also benefit those that have a family health history that could be passed down, and you can never predict an accident or chronic illness that would need long-term care.

How Much Long-Term Care Coverage Should I Get?

When purchasing long-term care insurance, you will have to choose a monthly benefit. This is the amount of money you wish to receive on a monthly basis for your cost of care. You also need to consider how long of a benefit period you want. This is how many years you want your policy to provide benefits to you. You will also determine a waiting period, which is the number of days you can afford to wait prior to receiving benefits once you need care. Policies can also include inflation protection where you can increase your benefits on an annual basis to keep up with inflation. These are all important thing to consider and speak with your agent and family about when purchasing long-term care insurance. 

Why Do I Need Long-Term Care Insurance?

Peace of Mind: Whether due to injury, age, or illness, long-term care covers a range of supports and services that most Americans will need at some point in their lives. Long-term care can help assist with the daily task of bathing, dressing, eating, preparing meals, housework, etc. that you or your loved one can no longer do without support. Everyone’s circumstances are different, you may need additional care beyond what your family can provide you, or you may not have a family to help take care of you. Planning for your care and your future can put you and your family at ease.

Expense: Planning for the cost of long-term care is another reason to talk to your representative. The expense for long term care adds up quickly. Did you know that the national average for a semi-private room in a nursing home is over $6,000 per month, over $7,000 for a private room, and almost $4,000 for assisted living care? These costs can fluctuate depending upon your location, and how much individual daily care you or your loved one needs. With long-term care insurance, you don’t have to worry about spending down your assets to get the care and coverage you deserve.

Lack of Coverage: You may have excellent health insurance, but regular insurance does not cover long-term care. Check with your insurance provider for details on your insurance coverage; most standard health insurance and disability insurance have specific and limited long-term care coverage. Medicaid eligibility varies, and your assets factor into your eligibility, and Medicare does not cover most long-term care services.

Choices:With long-term care insurance, we can help you choose the policy that fits your budget and future health care needs. Many types of care may be required or needed, such as skilled nursing care, in-home care, assisted living, etc. At Darr Schackow Insurance Agency, we can help you plan and protect your future. We will help you pick the best plan, pricing, and coverage to protect you and your loved ones.

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