Do I Need Long Term Care Insurance?
Long-term care may include a stay in a nursing home, assisted living facility, or even home care. Even if you have a spouse or other family member to help with some basic tasks, you may need a little extra help sometimes while they are at work or otherwise away from home. You may ask… Do I need long term care insurance?
With high odds you will need long-term care insurance and potentially high costs for long-term care, you should seriously consider this type of insurance to protect your family and your finances. While health insurance covers things like doctor visits and prescription medications, it does not cover help at home with things like laundry, cooking, and getting from bed to chair or to and from the bathroom.
Why Someone May Need Long-Term Care Insurance
An American turning 65 today has a 70% chance of needing long-term care at some point in their life, according to the US Department of Health and Human Services. 20% of today’s 65-year-olds will need care for at least five years.
We are living longer than ever before, so odds are you will need some type of care at some point in your life. With a private nursing home room costing as much as $8,000 per month, most people are not prepared for this type of cost from savings alone.
With the right long-term care insurance policy, the insurance company will either reimburse you for care related costs or write you a check to use toward care needs with no restrictions. Either way, it is better than paying for all of those costs out of pocket!
According to Department of Health and Human Services data, 69% of people need care at some point and for an average of 3 years. It could be due to a trip and fall injury, a car accident, cancer, or a common disabilty related to aging. There are countless examples of why you may need long-term care. The insurance is here to help you afford those costs.
Items to Consider When Buying Long-Term Care Insurance
There was a time when it was easy to buy a long-term care insurance policy and it was relatively inexpensive. These days, however, long-term care insurance is harder to find and more expensive. This is a market response to the long lifespans and high odds of needing long-term care.
- First, make sure you know what resources you have available to you today that could help with the costs of care.
- Next, it is important to look at the cost. Don’t rush into buying an expensive policy you can’t afford. Instead, do a little homework to find the best policy for your needs. With an annual cost in the tens of thousands of dollars, that monthly premium may be well worth the cost if you do need care at some point.
When it comes to paying for your long-term care costs, most long-term care insurance policies offer a daily benefit. You can typically choose your own method and care provider, but it is important to check with your insurance company before signing up to make sure you don’t get stuck with services that won’t be covered by the insurance policy.
Home care is often more affordable that many people realize, and with a good insurance policy it may be easier to stay in the comfort of one’s own home than go to an expensive nursing home.
Nursing home care and memory care for Alzheimer’s disease are generally the most expensive forms of long-term care, but may be necessary depending on health care and activities of daily living (ADLs) where assistance is needed.
Should You Get Long-Term Care Insurance?
Many people ask themselves if they can afford the cost of long-term care insurance. But maybe they should be asking themselves if they can afford the cost of long-term care without insurance? The decision on how to approach your insurance is ultimately up to you, but most people in the United States are better off with long-term care insurance than without it.
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