Long Term Care Insurance Explained

Have you ever purchased a fire insurance policy for your home? If you have, you are protecting yourself against a potential risk you’ll hopefully never have to deal with. House fires are rare, but if you had one it could be a complete financial catastrophe.

The same thing is true about long term care. You may never need it, but having insurance to cover it is a smart idea. People are living longer than ever, and for people 65 and older, there’s a 70% chance they’ll eventually need long term health care. When you consider that the cost of staying just one year in a nursing home averaged $70,080 in 2004, it makes sense to get a long term care policy.

What Is Long Term Care?

Professional health care can be costly. In-home specialists or residence in a nursing home could devour your life savings fast. Fortunately, long term care insurance plans can protect you.

Each plan will be different, but in general long term care insurance offers coverage for the range of healthcare issues that fall under the banner of “custodial care,” rather than the daily medical needs that would be covered by Medicare.

The care required by Alzheimer’s patients, assisted living and nursing home patients, seniors, and people with disabilities who require daily in-home monitoring is typically considered to be “custodial care.” This care is eligible for coverage under a long term care plan.

Finding Your Long Term Care Policy

Having long term care coverage isn’t just for senior citizens. A disability can strike people of any age — at any time.

Even so, as you grow older the need for long term care coverage becomes even more important. The ideal time to buy it is before you retire — the longer you wait to buy it, the more you’ll pay for coverage.

To find a long term care plan that will give you the coverage you need — and fit into your budget as you approach retirement — talk with an insurance agent. A professional insurance agent is the best source of information on the plans available, their current rates, and the coverage they provide.

To talk with local agents, use our free quote service. You’ll be matched instantly with as many as 5 agents. They’ll answer your questions, and make you offers on the plans that they think are the best fit for you. All you have to do is fill out a short simple form. It’s fast and free — and you have no obligation.