Long-term care is the assistance that people with chronic illnesses, disabilities,
or other conditions need on a daily basis for an extended amount of time.
Long-term care insurance can be used for different things such as bathing,
dressing, and eating; to specialized healthcare services provided by nurses,
therapists or other professionals. Employer-based health insurance policies
usually don’t pay for daily or extended care services. Although
Medicare will sometimes cover a short stay in a nursing home or partial
at-home care, it is usually not enough for a person who has substantial
Because we can’t predict what health issues we might face in the
future, it is important to begin planning for long-term care early on.
Below, we explain what to consider when picking a
long-term care insurance policy.
Important Things to Consider
Unfortunately, not everyone qualifies for long-term care insurance due
to specific health qualifications. Each insurer sets their own health
qualifications which change from time to time, so be prepared to share
your personal health information with an insurance professional.
Because your health changes throughout your life, you should look into
policies well before you reach retirement age. Policies usually cost less
if purchased when you're younger and in good health. Although you
might still be able to get insured if you have a serious condition, you’ll
likely have to pay substantially more.
You will also want to think about the cost of insurance premiums. How much
coverage can you afford without breaking your budget?
Be aware that premiums often go up over time and that your income might
not. If you can’t pay your premiums, you can end up losing all that
you have invested into the policy. You should consult with a financial
advisor to discuss ways you can save for future long-term care expenses
and the benefits of purchasing long-term care insurance.
Are you having trouble finding a long-term care insurance policy that is
right for you? Contact our Atlanta insurance administrators
to get help today.