Why Do You Need A Long Term Care Insurance Policy

Posted on Posted in long term care

Many people are still unaware of the benefits of a long-term care insurance plan and hence do not think about buying one. When you consider the fact that about 70% of all 65 years old or more will need some form of long term care, maybe you will want to think about it. So, a long-term care insurance plan is just as important as buying a regular health insurance plan.

Long-term care insurance plans are sold by private insurance companies, UnitedHealthcare, Aetna, Humana, Northwestern Mutual and many more. You can buy a long-term care policy at any age and at any time of the year. Before starting to shop for a long-term care policy, you need to understand the usefulness of such a plan.

Long-term care involves the assistance given to people who are unable to perform their daily activities, like, eating, bathing, dressing – on their own. This kind of care is generally needed for a long period till the patients feels ready to take control of their lives again. It depends on the patient’s condition whether the care can be given at home or at a special facility like, adult day care centre, skilled nursing home or assisted living homes.

Few Reasons for Buying a Long-Term Care Insurance Policy

  • Long-term care coverage is not included in your regular medical insurance. Medicare provides very limited coverage for long-term care and Medicaid will cover these services only if you qualify.
  • The possibility of needing long-term care at some point in life is quite high. Not only older people but younger people might also need long-term care services due to some serious illness or severe injury.
  • Long-term care insurance gives you better quality of service and care since it increases your affordability. You don’t have to choose the cheapest option in order to save money if you have an insurance plan which covers your expenses.
  • You can keep your savings protected if you have this plan. Long-term care services are very expensive and you may end up losing all your retirement savings if you don’t have a long -term care insurance policy.
  • You can also protect your other assets and pass them on to your descendants or donate to charity. A long-term care insurance policy will take care of your long-term care costs and you need not part with your assets to cover those costs.
  • If your savings are low, you can still be at peace thinking that the plan will pay for all the costs should you need long-term care. You don’t have to depend on your family members or friends to take care of you physically or financially.
  • You can pay for your own care in the way you want. Long-term care insurance gives you the freedom to choose how you want to be taken care of and where – at home or at any facility.

Since there are many companies selling long-term care insurance policies with varying rates and benefits, you have to spend some time and effort to find out which plan suits you most. The best way is to get free quotes from different insurance companies. You can also talk to authorized agents of those companies to know in detail about some of the best plans for you.