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Do You Need LTC Insurance? A Senior’s Guide to Long Term Care Options

Do You Need LTC Insurance? A Senior’s Guide to Long Term Care Options

Man receiving long term care

About 69 percent of people 65 years or older will need long term care (LTC) insurance at some point in their life. It’s important to understand all of your health insurance options so that you are prepared for whatever the future may hold.

Do you own your own private health insurance coverage but are uncertain if it will provide the right coverage in the long run?

You might have heard about LTC insurance before, but not sure what it entails or if it is right for you.

We’ve got you covered. Read on to discover the basics of this type of coverage and your long term care options.

 

What is LTC Insurance?

At some point, you or a loved one may need additional assistance in order to maintain a positive quality of life. This could include tasks such as shopping or completing household chores. Often times, this help may come with a hefty price tag that may be unaffordable to many.

That’s where LTC insurance comes in. This type of insurance for care covers everything from nursing home care to personal care. If eligible, this insurance coverage could relieve a financial and emotional burden for yourself and your loved ones.

Before applying for elderly care insurance, ask your potential insurer about their requirements. Keep in mind that you will have to undergo a medical evaluation to qualify for your coverage.

 

How to Find the Best Coverage?

The best coverage will include a wide array of options to meet your needs. Here are some examples of benefits you might prioritize when buying your insurance coverage:

  • Home Health Care Benefits
  • Lifetime benefits
  • Skilled, custodial and intermediate care
  • A daily minimum benefit of 150 dollars while staying at a nursing home

Before contacting an insurance provider, you should research their policies and benefit options. It’s important to prioritize what is important for your needs. Keep in mind that adding certain benefits, such as lifetime benefits, may increase the cost of your policy.

Your policy coverage depends on the care you or your loved one needs. Some examples of care options to consider are informal caregivers, adult foster care, and formal caregivers. You should narrow down the types of care you prefer before contacting your insurance provider.

 

The Bottom Line About Your Long Term Care Options

There isn’t a one size fits all approach when it comes to long term care policies. Choosing the best coverage option will come down to your care priorities and needs.

Once you figure out your basic needs, do some initial research. It is recommended that you contact several insurers to learn more about their coverage and requirements and find the option that best fits your needs. Once you decide on a long term care plan, remember that you will have to undergo a medical evaluation before becoming eligible for your coverage.

Want more helpful tips to develop the right care plan? Check out our blog for more great articles to take care of yourself and your loved ones. Don’t forget to check out the services we offer to see if Seniors Helping Seniors is a good option for your long term care needs.

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