Long term care insurance is designed to cover expenses related to long term care and services, such as personal care, living activities such as bathing, dressing or eating, and more. This can be incredibly useful for seniors who are unable to work and don’t have family available to give them the daily help that they need. Unfortunately, most Medicare and other health insurance policies do not cover expenses related to long term care.

Not all ages need long term care insurance, however, so be sure to speak with your loved ones and your insurance provider about your specific needs when it comes to long term care.

Is Long Term Care Expensive?

The average cost of long-term care insurance is around $227.25 a month, which provides around $161 a day for home nursing care. Some policies may cost more or less depending on coverage limits and the type of long-term care required. You may want to compare this with the normal costs of care in your area. A private room in a nursing home, for example, costs an average of about $7,698 a month.

What it Covers

Along with at home nursing care, long-term care insurance may also help cover expenses for:

• Adult day cares
• Assisted living facilities
• Nursing home stays
• Physical therapy
• Occupational or speech therapy
• Care related to chronic illness, disabilities or injuries

Keep in mind that many policies only pay out after your life savings have been depleted.

When Should You Purchase Long Term Care Insurance?

Contrary to popular belief, you should not wait until you are already ill or disabled to purchase long-term care insurance. In fact, you may not be able to receive long-term care insurance with preexisting conditions.

Instead, seniors should look into long-term care insurance when approaching retirement age. Once you retire, you will not longer be able to work to cover certain expenses, should you need them.

In the end, deciding to purchase long-term care insurance is a personal and financial choice. Connect with family members as you approach retirement age to discuss your options. If your family has a history of hereditary illnesses that are influenced by age, such as Alzheimer’s, it may be in your best interest to purchase long-term care insurance in case you need it. Shop around and compare prices of insurance and care services in your area to decide what is best for you and your family.