Is Long-Term Care Insurance Worth It?

Updated: 4 hours ago



Here's a brief rundown of long-term care insurance's costs and benefits.


What does long-term care insurance cover, and how much does it cost?

Long-term care refers to day-to-day assistance to help you live your life as you do today. Many people associate long-term care with nursing homes, but this is not the case. Instead, it can cover various services, including assistance with everyday tasks, home care, and adult daycare.


One approach to pay for long-term care is to get long-term care insurance, often known as nursing home insurance or eldercare insurance. The following items are frequently included in coverage:


  • Stays at nursing homes for an extended time

  • Assisted living residences

  • Alzheimer's or memory care facilities

  • Adult daycare facilities

  • A professional provides home health care.

  • Care at home (some policies)

  • Care for those in need of a break

  • Hospice


What are the advantages of long-term care insurance?

The most significant advantage of purchasing long-term care insurance is the cost savings. Your premiums would be a fraction of what you'd spend for care if you didn't have insurance. Furthermore, insurance protects your money, possessions, and financial freedom. Other advantages include:


Increasing the number of care alternatives.

A nursing home is your sole option if Medicaid pays for your care. However, you may choose where you want to get care with long-term care insurance, whether it's at home, in a nursing home, or an assisted living facility.


Increasing the number of services for you.

This might include services such as visiting nurses or home health aides, home-delivered meals and chores, time spent in adult daycare centers, and caregiver respite.


Relieving family and friends of the burden of caregiving.

You won't have to rely on your loved ones for everyday support if you have long-term care insurance.


Long-term care insurance allows you to keep your freedom while still allowing you to pay for high-quality care. It also helps your family cope with the financial and psychological strain that a long-term care event might bring. However, the premiums are expensive, which is a disadvantage.


Whether or not you purchase insurance, you should have a plan in place so that you and your family know what to do if you require medical attention. This strategy includes speaking with family and friends about their willingness to assist if and when assistance is needed.


The Takeaway

You may also want to consider alternatives to long-term care insurance, such as making arrangements to live with family or friends or moving into a continuing care community. Here at Medicare Geek, long-term care is not covered by Medicare. In general, anybody with more than $100,000 in assets or assets should have a plan in place to pay for long-term care, such as in-home care, assisted living, adult daycare, or skilled nursing.


If you're looking for someone to help you with long-term care insurance, our agents can help you.


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