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Long-Term Care Insurance

Long-term care insurance has gained popularity in recent years as people that are getting older want more options for care in their senior years. Long-term care insurance was created as a way to help pay for expenses of care that Medicare or other insurance does not pay for.

You can use your insurance to pay for care in an assisted living facility, day care, or other residential facility. It also pays for your care at home with a live-in or visiting caregiver, therapist, or private duty nurse.

You may have a deductible, which is the length of time you must pay before the insurance will take over. The deductible can vary and the one you choose will affect the premiums you have to pay.

Long-term care policies differ on the requirements for them to begin paying. Some only require a doctor's statement, while others require you to be unable to perform a certain number of daily living tasks before they will pay for care. These daily living tasks include:

The benefit of choosing to purchase long-term care insurance is that you will not be responsible for the cost when you are on a limited income. However, premiums can vary, based on the age at time the policy is written, health of insured, monthly benefits, time of expiration, and inflation. Sometimes, you can purchase a policy at a reduced rate for you and your spouse

It is not recommended to buy long-term care insurance if you will not be able to afford the premiums in the future or if you will use Medicaid, since it pays for most costs.

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