FRIDAY, MARCH 24, 2023
Although many people have heard of long-term care insurance, they don’t really know what it is or if they need it. Long-term care insurance helps pay for custodial and non-medical care services for policyholders who cannot perform everyday activities on their own, such as bathing, dressing, eating, toileting and transferring (e.g., getting in and out of a bed or chair). Depending on the policy, it can also cover homemaker services, home health aides and even nursing home care. Detailed below is more about long-term care insurance and who may benefit from such coverage.
What Is Long-term Care Insurance?
Long-term care insurance helps pay for long-term care services, such as nursing home care, assisted living and in-home support. It can also cover other medical expenses resulting from an accident or illness that prohibits you from taking care of yourself or performing the activities of daily living such as bathing, dressing, eating and using the restroom. Long-term care insurance can also protect your finances from draining due to long-term care services as it provides monthly cash benefits and financial resources to help meet those costs. 
Who Needs Long-term Care Insurance?
Long-term care insurance can help provide financial security to individuals, such as seniors or those with chronic health conditions. It helps offset the costs associated with long-term care needs, which may include home health aides, assisted living services, skilled nursing care and other vital support. The potential need for long-term care insurance increases as life expectancy increases and more people live longer with chronic conditions that require costly medical treatments. Government assistance is often insufficient in covering all necessary costs associated with long-term care needs. Ultimately, it’s best to assess your circumstances and speak with an insurance agent to determine whether this coverage is right for you.
Learn More About Long-term Care Insurance
Long-term care insurance is important to keep your financial and physical health in check. If you have any questions or want to learn more about long-term care insurance and what options may suit your situation best, contact Wilber Price Insurance.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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