More than half of all 65-years-olds will require long-term care at some stages in their life. Long-term care needs often last for two years or more and can be very expensive. If you aren’t financially buoyant, long-term care expenses can leave you broke.
You or an elderly loved one may require long-term care after a severe illness or because of a serious illness and condition. Most times, the needs emerges simply as a result of aging. Costs for services covered by long-term care, like at-home or in-patient nursing care, assisting living and occupational therapy and rehabilitation, have experienced a huge increase over recent years.
Luckily, individuals today have several options of available insurance coverage, like traditional health-based policies. If you are yet to sign up to a long-term care insurance program, you need to make a move now, especially if you are a senior of if you have an elderly loved one. In this article I’ll reveal to you the best long-term care insurance policy.
What is Long-Term Care Insurance?
Long-term care refers to a wide range of services tailored to meet an individual’s health or personal care needs. The services might range from in-home care, nursing home care, hospice care or qualifying care in assisted living facilities. Homemaker services including personal care services are also included.
Medicare helps cover the cost of several medical expenses, however, it doesn’t generally cover long-term care expenses if custodial care or daily help is the only care you require. Coverage is stated in the Medicare and you Handbook sent each year to seniors who partake in the program.
Who needs Long-Term Care Insurance?
Middle class households are the most prone to costs of long-term care and could leverage long-term care insurance. Without coverage, a prolonged long-term care stay could result in liquidation of savings and investments or even the sale of your home.
Medicaid, a government funded program designed for seniors and those with low-income, can help with the cost of long-term care services. But, before you can enjoy the vast benefits of Medicaid, you need to meet the eligibility requirements which states that your assets must be below a certain threshold. Medicaid can offer coverage in several cases of low-income households who don’t have enough assets or home equity
If you have a considerable amount of assets that can fund up to $100,000 each year for up to three or more years, long-term care insurance is optional. However, it is important that you take note of the potential cost of care as you prepare for retirement.
What to consider in Long-Term Care Insurance
There exist fewer long-term care insurers than in the past, which means that caution is crucial. You will want to select an insurance provider that is financially buoyant and will be there when you need to make a claim.
Available options are also a strong consideration. There are many adjustments you can make to a policy to make it more inexpensive. However, some choices can work against your best interest, such as selecting a policy with just one year of coverage or a one-year waiting time. Long-term care needs that are more than a year last an average of over four years.
Unless you are financially ok, these restrictions can create a huge coverage gap. Search for a company that offers options to cover your financial exposure. In addition, look for companies that offer a waiver of premium, which expunges ongoing premium payments as soon as a claim is approved.
What is the best Long-Term Care insurance policy?
If you want to sign up for a long-term care insurance policy, it is important that you go for the best. Here are some of the best long-term care insurance policy.
- Best for option: Mutual of Omaha.
- Best for length of coverage: New York Life.
- Best for caregiver choice: MassMutual.
- Best long-term care rider: Guardian.
Contact our office if you have questions regarding long-term care insurance or if you need the help of a Medicaid attorney.