One of the most important decisions a person can make is purchasing long-term care insurance. Long Term Care Insurance protects your assets. It also lets you know that if you ever need help with chronic conditions, such as dementia or Alzheimer’s disease, money will be available to pay for the care you need.
How long does long-term care insurance last?
Long-term care insurance covers you and your spouse if you need assistance with activities of daily living (ADLs) or instrumental activities of daily living (IADLs). It also provides protection for a period of time after the policy expires. Your coverage lasts as long as you pay your premiums, but not beyond the age of 85. After this point, the policy ends and the insurer will pay no benefits.
What does long-term care insurance cover?
Most policies will provide coverage for nursing home care and community-based services such as home health aides or in-home support services. Some policies only cover one form of care. At the same time, other plans may offer less comprehensive coverage in exchange for lower premiums because they don’t include both types of benefits. How much your policy covers depends mainly on which type(s) of services are most important to you when considering what features will make up your ideal plan.
What do people get when they buy Long-Term Care Insurance?
When you buy Long-Term Care Insurance, what do you get? The policy may pay for some of your medical expenses, such as nursing home care and other types of assistance.
- Nursing home care is the most expensive part of long-term care.
- Home health aides: These aides help with daily tasks like dressing, bathing and cooking so you don’t have to hire someone else to do these things for you or move out of your house and into an assisted living facility or nursing home if you can’t do them on your own anymore.
- Skilled nursing facility: Some people will need more intensive medical treatment than is available through home health aides or at a skilled nursing facility; they might also require around-the-clock supervision by nurses who work shifts throughout the day and night.
Long-term care insurance is a type of policy that can help pay for the costs associated with chronic healthcare conditions. The cost of long-term care varies between providers, but an individual’s premium will depend on their age and other factors.
When it comes to how long you can receive benefits from your long-term care insurance policy, several rules and regulations affect how long your coverage lasts. In some cases, policies have different terms for different types of benefits. So, before you buy a plan, you’ll want to make sure you know if it has any restrictions.
Whether it’s paying for nursing home care or home health aides, many people choose to purchase these policies, so they don’t have to worry about paying out-of-pocket if someone gets sick later in life (or even sooner!).
Long-term care insurance is a valuable tool for people who want to access benefits at any time. The best way to find out how long long-term care insurance lasts is to contact Care Financial and speak to one of our advisors today.