Senior Living | 09/1/18
Most of us keep our health top of mind as we age, proactively looking for ways to stay healthy and live long, satisfying lives. But with increased age comes increased chances of needing some form of long-term care, especially after age 65, no matter how well we take care of ourselves. That’s just a fact of life. And because of that, it’s important for every senior to understand long-term care insurance in case they someday need it.
Don’t wait until that day to learn the details of long-term care insurance. Start preparing now. Be proactive with your senior care costs now, just as you are proactive with keeping yourself healthy to live a long, fulfilling life.
The short answer is that long-term care insurance (also called LTC insurance, LTCI, or long-term health insurance) helps cover the cost of support and services you need as you get older that may not be covered by traditional health insurance. This includes:
Traditional health insurance, including Medicare, usually does not cover the support and services listed above, which is where long-term care insurance can fill the gap. It’s also important to note that Medicare only pays for a short-term stay in a skilled nursing facility after you have been hospitalized for three days minimum – after which it’ll cover the next 20 days of care needed.
So yes, long-term care insurance does cover some of the senior care costs you may accumulate should you need long-term care someday. While it’d be nice to provide a definitive number regarding how much it costs to purchase long-term care insurance, we can tell you that cost is based on the following:
Does every senior need long-term care insurance? That’s not for us to decide. But there’s a good chance your health needs will change as you age, and those changes might benefit from having insurance that covers things like assisted living and skilled nursing services. That’s for you to decide. Be diligent with your research and be sure to pick a policy with a monthly premium of at least 5 percent lower than your monthly income. This will help you stay in budget.
At Stonebridge at Montgomery, we want to be here for you no matter what stage of life you’re in – if you’re just beginning to research your senior living options and long-term care insurance, or if you’ve been researching awhile and are ready to see for yourself. Don’t wait any longer. Schedule a visit with us today.