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What Is Long-Term Care Insurance?

By August 24, 2022Insurance

Long-term care insurance is about preparing for the unexpected. Needing help with daily activities, such as dressing, bathing, and more is a natural part of the aging process. Unfortunately, the expenses associated with this type of care are expensive, and not covered by typical health insurance. What can you do to prepare and reduce these costs? Set yourself up with long-term care insurance.

What is long term care insurance? Do you need long term care insurance?

The potential expenses of long-term care are wide-ranging and long-lasting, covering nursing home bills, day care services, home modification, and assisted living facilities, among others. Long-term care insurance will pay out to cover these costs (and give you peace of mind before those costs arise). Usually, there’s a limit on the number of years during which the long-term care insurance policy pays out, or on the total amount that can be paid.

Who is Long-Term Care Insurance For?

On Average, an American will spend $7600 monthly on nursing home services. Preparing for these costs through long term care insurance is crucial to a successful financial plan. According to an estimate, 20 percent of Americans will require long term care for more than five years. Unfortunately, waiting until you require care to apply for coverage is not possible. Most insurers will not accept an applicant who already has a debilitating condition or is over the age of 75. 

Medicare might cover short nursing home visits or rehabilitation care, but not this type of daily support. Most individuals begin a long term care insurance plan in their 50s or at the latest 60s. 

What Are The Benefits of Long-Term Care Insurance?

Long term Care Coverage

If you need long-term care and rehabilitation due to injuries or chronic conditions, this policy will provide coverage for the cost of assisted living as long as you live. It means the insurance company will pay the expenses of home care nursing so the service provider can help you with daily activities such as bathing, dressing, eating, getting in and out of bed, and other needs.

Peace of Mind 

Once you get this coverage, you experience ultimate peace of mind because you secure your future. You know that when you become disabled or unable to manage your day-to-day life activities, help is there. This kind of assurance keeps your mind at ease.

No Burden

No one wants to become a burden on someone. You don’t want to burden your kids with your care when you age. It’s a fact that energy level goes down with age. So, if you don’t want to rely on your kids and want to enjoy a life of self-sufficiency, you can certainly achieve this goal through this plan. 

Offset Cost

As you know, the average cost of home care nursing and adult day care is high. You can’t pay it quickly unless you get a plan and offset the cost month by month. 

Saving Protection

You will have some savings and assets built over time through your hard work. You don’t want to lose these savings to pay the cost of long-term care. You may want to leave that money for your kids and family. The benefit of Long term care insurance is that you can protect your hard-built savings.

How to Find The Best Long-Term Care Insurance

Complete Your Research 

Always complete your research about a company and policy before you sign up. Don’t be afraid to ask your agent any question that comes to mind. Inquire about the ways you can pay less. For example, you can spend less when you sign up with a partner. An agent can tell you some other ways to find discounts.

Compare Your Options

There is no one-size-fit approach when it comes to finding your policy. You need to consider your financial situation and needs to compare different options. Check what is included and covered and what’s not.

Read Testimonials

Try to learn from other people’s experiences. Reviews can tell you so much about a company’s insurance coverage, customer service, and more. If you read customer reviews and testimonials, it becomes easy for you to decide whether this company is the right choice or not.

Inflation Protection

You may think getting $200 a day in coverage is sufficient, but it’s not because you are not considering inflation. This $300 that seems enough today won’t be enough tomorrow or after some years when you need it. So, it would be best to get a policy that considers the inflation rate and charges the premium accordingly. 

Best Long-Term Care Insurance in Pennsylvania

Our expert agents keep you well-informed about all the risks and possible solutions. We’re ready to break down the best insurance options for you to enjoy confidence in your investment. Get a quote for long term care insurance today.