Keep in mind ordinary health insurance policies and Medicare usually do not pay for long term care expenses. And Medicaid, a federal/state health insurance program, will only pay for long term care if you’ve already spent down most of your savings and other assets.
Long term care policies can allow you to cover the costs of :
- Help in your own home with activities like bathing, dressing, eating, and other activities of daily living as well as cognitive impairments
- Community programs like adult day care
- Assisted living services that are provided in special residential settings other than your own home including meals and health monitoring
- Visiting Nurses
- Nursing Home Care
Premiums can be a relatively small price to pay compared to paying for care yourself. In addition, insurance companies base rates on age and health, so the younger and healthier you are, the less expensive the policy. While no one wants to think about what might happen as they get older, it is a very real concern. Planning for the aging process with long term care coverage can provide you and your family with complete peace of mind.
As always, selecting the right type of insurance coverage depends on your unique circumstances and financial goals.