Long Term Care Insurance

As you get older, it may be time to start thinking about Long Term Care Insurance. Long Term Care Insurance will help you stay independent and safe in your own home or in an assisted living community as you age into your Golden Years. Long Term Care Insurance is basically a type of insurance that helps pay for services like housekeeping, housing, meals, transportation, medical services, and more. Long Term Care Insurance is a very unique type of insurance that acts as protection against the costs of long-term care. Long-term care can be defined as any assistance with daily activities, such as dressing or bathing that is required due to an injury or illness and cannot be performed without the help from another person.

Long term care services could include additional services such as:

  • Necessary physical therapy
  • Occupational therapy
  • Speech/language pathology
  • Nursing (skilled nursing facilities)

What Is Long Term Care Insurance? 

This type of policy will pay out if you do not have enough money to take care of your day-to-day needs for an extended period of time because you need professional medical treatment on a regular basis for months at a time. Long Term Care Insurance can be very expensive, but it is a great way to protect yourself and your loved ones from the high cost of long-term care. Long-term care insurance policies come in two different forms – traditional and hybrid.

The traditional long-term care policy pays out a set amount of money each day that you are in need of long-term care services. If you only require services for a short period of time, the traditional policy will not be a good fit for you.

The hybrid policy is a combination of life insurance and long-term care insurance. This type of policy will pay out a set death benefit if you die while the policy is still in effect, as well as payout daily benefits if you need long-term care services.

The benefits of Long Term Care Insurance are: 

  • Peace of mind that you or your loved ones will not have to bear the burden of high costs for long term care services
  • Protection against the possibility that you may need long term care and could become unable to work or take care of yourself
  • Tax breaks! In a lot of cases, the premiums you pay for Long Term Care Insurance are tax-deductible, and any money you receive from the policy is not taxed. Check with your accountant, state, and federal tax resources for more information.

The downsides of Long Term Care Insurance are: 

  • You may never need to use it, so you could be wasting your money on premiums
  • It can be expensive to purchase a policy, depending on your age and health status

Who benefits most from Long Term Care Insurance? 

The people who benefit most from Long Term Care Insurance are those who are at risk of needing long-term care services in the future. This includes older adults, those with a chronic illness, or those who have recently been injured.

When should you aim for Long Term Care Insurance? 

You should aim for Long Term Care Insurance when you are young and healthy, as policies tend to be more expensive the older you get. It is also important to remember that Long Term Care Insurance does not cover every type of long-term care service. Make sure you read your policy carefully to see what is and is not covered.

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