Long-Term Care Insurance
Long-Term Care Insurance Quote Forms
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Long-Term Care Insurance Information
For insurance purposes, long-term care is any necessary care needed for more than three months. Most Americans don’t have a high enough net worth to self-insure, and today’s 65-year-olds face a 70% chance of needing long-term care.
Long-term care insurance is essential to a solid financial plan for Medicare-eligible Americans. Having an experienced professional at your side is crucial as you navigate your choices. Contact Kevin Brewer & Associates in Charlotte, North Carolina, to get multiple long-term care insurance quotes.
What Is Long-Term Care Insurance?
Long-term care insurance can help seniors protect their retirement savings when they need long-term medical care at home, in an assisted living facility or a nursing care facility. It can help cover in-home care, care coordination or management, adult daycare services and home modifications.
Hybrid policies combine long-term care insurance with an annuity or life insurance. These linked benefit policies help alleviate concerns that the insured person may pay long-term care insurance premiums for years and never use the coverage. Your agent can help you evaluate long-term care insurance options to get coverage appropriate for your budget and situation.
Why Buy Long-Term Care Insurance?
Many Americans will require long-term care after age 65. While some may receive unpaid care from a family member or friend, others need paid assistance with everyday tasks.
There are a lot of misconceptions about how people pay for long-term care, which isn’t covered by Medicare or health insurance.
Medicare may help cover skilled care immediately after hospitalization for an illness or injury, but it doesn’t help pay for long-term care. Medicaid is the largest funding source of long-term care, but the program is designed to help low-income Americans get the care they need. Many seniors needing long-term care must exhaust most of their savings and assets to qualify.
While long-term care insurance premiums may rise as you age, they may also be tax deductible up to a specific annual limit.
How Long-Term Care Insurance Works
A traditional long-term care insurance plan requires regular premium payments. The insurer responds to the claim when care is needed per the policy declarations.
Long-term care insurance plans provide various coverages. While some offer in-home or nursing facility care coverage, policies typically have a daily or monthly coverage limit up to the policy’s lifetime limit.
Many long-term care policies allow the insured person to become eligible for coverage when they suffer from severe cognitive impairment or can no longer independently perform a set number of activities of daily living. There’s typically a waiting period before long-term care coverage begins. During this time, the insured person pays for the costs of their care out of pocket.
When coverage begins, premiums are typically waived. However, the coverage may lapse if you fail to make premium payments as promised before filing a claim.
Long-term care insurance may limit its covered conditions. For example, war injuries, drug addiction or alcoholism leading to the need for specialized medical care may be excluded.
The agents at Kevin Brewer & Associates can help you evaluate your long-term care insurance options and get coverage appropriate for your financial circumstances.
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