Long-Term Care Insurance is Worth It!

Long-term care insurance premiums don’t have to be costly. But there are times when it’s Long-Term Care Insurance is worth the expense. These include:

  • When you plan to age in place: Most long-term care insurance offers benefits for skilled nursing homes or assisted living communities, but some policies also provide coverage that allows you to age in place. For example, a long-term care insurance policy may include coverage for:
    • Home health aides: Most long-term care policies include coverage for home care services, covering the cost of a private home care aid to assist policyholders at home. Some types of long-term care insurance policies, like cash benefit policies, may even allow you to pay informal caregivers, such as your children.
    • Pre-claim wellness programs: Insurance providers are increasingly adding ‘pre-claim wellness programs’ designed to offer policyholders support and resources to age independently.
    • Home renovations: Certain policies may cover accessibility-related home renovations, such as installing a ramp to your front door or handles in your shower.
    • Adult daycare: Some policies will cover professional services, such as adult daycare, in case you need additional care during the day.
  • When you’re on a budget: If you’re on a tight budget, it can be wise to consider a long-term care insurance policy as early as possible. While long-term care insurance can help cover future care costs, premiums are based on risk. As you age, the likelihood of needing long-term care increases, leading to higher average costs for this type of coverage. Therefore, if you’re on a budget, consult a Certified Long Term Care insurance expert (CLTC) as early as possible to keep costs down.
  • When you’re in good health: Your health significantly impacts your ability to qualify for long-term care insurance. Therefore, it’s generally best to purchase a policy while you’re in good health. Many families find themselves in situations where their health and life are great one day, but everything changes the next day, leaving them scrambling to adapt. Risks increase as we age, and our mobility decreases, making us more limited and dependent.
  • When you want to protect your estate: The cost of long-term care can pose a significant threat to your estate. For instance, the average cost of a private room in a nursing home exceeds $100,000 per year. Paying such expenses out of pocket can significantly reduce the value of your estate, making a long-term care insurance policy a sensible protective measure for your finances.

The Bottom Line
Long-term care insurance is worth it! Long-term care insurance can safeguard your estate and help cover the costs of aging in place. However, it’s crucial to purchase your policy as soon as possible if you aim to qualify for affordable coverage.

When you are ready to talk to an expert about long-term care insurance, schedule a call: www.calendly.com/jimbetter. Find more resources in our blog.


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