Long Term Care Insurance

How would you pay your bills if you were sick or injured?

Long-term care refers to services beyond medical care and nursing care needed by people who have disabilities or chronic (long-lasting) illnesses. Long-term care insurance helps you pay for extensive care services beyond a stay in the hospital, which can be very expensive.

Ordinary health insurance doesn't cover long term care.

People are living longer, which is good news, but it also means there is a risk of serious long-lasting health problems. This could literally take all your life's savings. Unfortunately, ordinary health insurance policies and Medicare usually do not pay for long-term care expenses.

Medicaid, a federal/state health insurance program; will only pay for long-term care if you have spent most of your savings or other assets. Long term care is the answer to protect your assets.

Long-term care insurance can be used to cover these costs:

• Help in your home with daily activities like bathing, dressing, eating and cleaning.
  Community programs, such as adult day care.
• Assisted living services that are provided in a special residential setting other than your own home.
• These services may include meals, health monitoring, and help with daily activities.
  Visiting nurses.
• Care in a nursing home.

When is the right time to buy a policy?

Most people don't think about long-term care. They wait until they're into their 70s and 80s and their health may already be failing. Then you may be a high risk for an insurer to cover you; or the premiums could be astronomical in order to get coverage. Some insurers may have restrictions on age and health status.

The best time to buy long-term care insurance may be middle-age. The premiums will most likely be lower and you have a higher likelihood of being eligible.