Long-term care insurance helps you prepare for the unexpected. Below, the experts at Unity Insurance discuss what long-term care insurance policies entail and why they are essential.
What Does Long-term Care Insurance Cover?
Long-term care insurance is an insurance policy that covers the costs of a wide range of services not covered by standard health insurance. This includes help with daily tasks such as showering, dressing, moving around the house and any other home-health and nursing home care. Many public assistance programs, such as Medicaid, lack the flexibility and selections that long-term care insurance provides.
When Is the Best Time to Purchase Long-term Care Insurance?
Individuals should purchase long-term care insurance in their mid-50s, according to the American Association for Long-Term Care Insurance. When you are under 60 years of age, premiums are more affordable. The older you get, the more expensive policies may become. In addition, purchasing a policy earlier on may allow you a greater amount of coverage. Another benefit of investing in long-term care insurance early on is that if your health declines, you will have the coverage you need.
Is Long-term Care Insurance Essential?
Long-term care, home health care and nursing home care can be very costly. Because regular health insurance does not cover long-term care and public assistance programs often lack in quality of service and flexibility, many individuals who do not invest in long-term care insurance find themselves paying out-of-pocket for additional services, ultimately putting a strain on other financial assets, such as retirement funds. Investing in long-term care insurance not only provides individuals with essential care, but also financial protection.
In addition to alleviating the financial strain of contracting health care services, long-term care insurance provides you and your family members peace of mind. Unfortunately, relying on family members for long-term care is not always a viable option. If family members live out of state, work full-time, or are otherwise unable to provide the level of care needed, they may not be able to commit to the demands that come with long-term care, which may have an overall negative impact on your quality of life. Purchasing long-term care insurance ensures that you will have appropriate options for long-term care services when they are necessary.
Qualifications for Long-term Care Insurance
When applying for long-term care insurance, applicants’ health will be evaluated to determine if they qualify for a policy. The American Association for Long-Term Care Insurance provides detailed insight on the qualifications of long-term care insurance and the probability of qualifying. Physical exams and medical records may be required when purchasing a long-term care insurance policy. The ideal candidate for purchasing long-term care insurance would be an individual who is healthy and 50 years of age or older. If an elderly person requires long-term care, requires assistance with activities of daily living such as showering and clothing, or has serious health complications prior to purchasing a policy, they will likely be denied.
Speak to A Unity Insurance Agent Today About Long-term Care Insurance Options
Making decisions about the future can be difficult, and you may want to weigh your options. Long-term care insurance can provide many benefits for you and your family, including financial security and peace of mind about your future quality of care. Through a strategic alliance with Heller Kowitz Insurance Advisors, Unity Insurance can offer competitive rates and excellent coverage. We stand ready to look into your specific situation and find the best coverage for you and your valuables. To speak to an agent today, contact us at (410) 539-6642.