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What Do I Need to Know About Long-Term Care Insurance?

What Do I Need to Know About Long-Term Care Insurance
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Long-term care insurance covers expensive nursing care needs. However, is it a good investment? Here’s what experts say about what you should take into account.

Long-term care insurance covers nursing homes, assisted living, and home health care expenses, explains WCAX 3’s recent article entitled “What to consider before you invest in long-term care insurance.”

A long-term care insurance policy helps cover the expense of that care when you have a chronic medical condition, a disability, or a disorder, such as Alzheimer’s disease.

Most policies will reimburse you for the care given in a variety of places, such as:

  • Your home
  • A nursing home
  • An assisted living facility; and
  • An adult daycare center.

“If you live a long life, the chances of needing long-term care are high, but long-term care insurance is not an option for everybody. It would be best to start thinking about it generally before you turn 65,” said Jesse Slome, the director of the American Association for Long Term Care Insurance.

It would help if you considered any assets you want to pass onto your children and whether it is worth paying the premiums. Planning is recommended. It is best to be prepared for what can happen. You cannot always predict what will happen.

There are also medical requirements for some plans, and you must be medically eligible. Therefore, if you have serious illnesses or the beginnings of dementia, you will not be able to obtain insurance.

Experts also say that your income and savings, what you want to pass on to the next generation, and your family’s role in your care are all factors to consider when taking out a policy.

These insurance policies are complex, and they vary significantly.

It requires you, the consumer, to do some comparison shopping or, ideally, work with a specialist who understands and can make the comparisons for you.

Selecting long-term care insurance is a lifestyle and financial decision.

Reference: WCAX 3 (April 11, 2022) “What to consider before you invest in long-term care insurance.”