Whether or not long term care insurance is right for you depends on your income and circumstances. Long term care insurance is geared to cover personal care that seniors may need in doing everyday tasks. If you are a loved one has trouble doing normal, everyday tasks, long term care may be the solution. Unfortunately, long term care can be expensive.
For example, Alzheimer’s care costs around $1,150 per month on its own. This simply isn’t sustainable for many families, which is where long term care insurance steps in.
What Does Long Term Care Insurance Cover?
Long term care insurance helps cover expenses related to:
• At home care
• Adult day care
• Nursing home care
• Assisted living facilities
• Short-term hospice care (only on some policies)
Coverage options and premiums vary depending on your location, insurer and other factors. It also depends on your long term care needs. Long term care insurance unfortunately won’t cover every need, so be sure to speak with your insurance agent about your long term care needs and whether or not insurance will cover the expenses you need them to.
On average, the cost of long term care insurance may be around $283 a month. This is significantly less than many long term care services out of pocket per month. However, these costs vary heavily depending on your age, coverage limits, coverage time limit and more.
Ask your loved ones and insurance agent about finding the right policy if you decide that you need long term care insurance.
What Does Long Term Care Insurance Not Cover?
Unfortunately, these policies won’t cover everything or everyone. Individuals with pre-existing conditions may not qualify for long term care insurance, such as those who have been diagnosed with Alzheimer’s before purchasing long term care insurance. On the other hand, if you develop Alzheimer’s after purchasing long term care insurance, your care should still be covered.
Exclusions can also include in home care that is provided by a family member. This insurance does not cover medical bills such as hospital stays, doctor’s visits, etc. For medical coverage, make sure you have a reliable health insurance policy or Medicare plan.
When Should You Buy Long Term Care Insurance?
You should generally purchase long term care insurance long before you need it. As you grow older, speak with your insurance agent about finding a long term care insurance policy to cover your future care needs.