Is Long-Term Care Insurance the Smart Choice?

Is Long Term Care The Smart Choice

Did you know that by the time you turn 65 there is a 50% chance you may need assistance for routine daily care? Because the probability is so high, more people are securing long-term care insurance policies to help pay for future healthcare needs. Is a long-term care policy the smart choice for you? Find out more about the benefits of this type of policy.

Why You May Need Long-Term Care Insurance

It’s a fact that, as we age, the costs of living will continue to rise. Everything from food to living expenses and health care will cost more in the years to come. And while you’ve built a nice-sized nest egg, those funds will quickly be depleted if you need long-term care. Costs for nursing home and home health aides can go into the hundreds of thousands of dollars each year. Medicare only provides short term and limited coverage for nursing homes and home health care. A long-term care policy will help pay for the expenses not covered by your health insurance or Medicare.

What Does Long-Term Care Cover?

Long-term care covers necessary home care services insurance policies do not cover. This can be basic everyday activities such as assistance getting out of bed, dressing, bathing and feeding yourself. Costs for extended care facilities are covered by long-term care as well. This includes places such as:

  • Assisted living home
  • Nursing home services
  • Alzheimer facilities
  • Hospice care
  • Adult daycare facilities

The funds can also help pay for modifications to your home should you become disabled.

When Should I Buy?

It is never too early to consider buying a long-term care policy. However, most people start to think about a long-term policy when they reach the age of 50. Why? Because they may have a family history of illness or they are worried about affording health care later in life. The benefit of securing a policy at a younger age is that your premium will be less expensive. If you wait until you are 60 to purchase a plan, your premium costs will only slightly increase. Whatever your age, it is best to buy a policy that fits into your budget. An agent at Care Financial will be happy to discuss with you the best options available.

Protect your nest egg by considering a long-term care policy. It could help take the financial burden off of your family should you need additional healthcare services. Secure your financial future today by speaking with an agent today at Care Financial about this policy.

Care Financial is a privately owned and operated business providing families, individuals and businesses with comprehensive wealth management strategies. Contact us online at or call us at 251-633-7122.