The Basics of Long-Term Care Insurance
It might be hard to think about, but — at some point in our lives — we all might need help taking care of ourselves. In fact, about 70% of today’s 65-year-olds will need long-term care during their lifetimes, according to the U.S. Department of Health and Human Services. The question of how to pay for that care can weigh on families, as regular health insurance and Medicare won’t cover every need.
That’s where long-term care insurance comes in. The right policy can help cover some of the expenses that come along with long-term care. Learn more about long-term care insurance policies.
What Is Long-Term Care?
Long-term care services can include assistance with routine and daily activities such as eating, dressing, and bathing. You might need long-term care if you can’t care for yourself due to an illness, disability, or chronic disease.
The problem is that most health insurance policies won’t cover services like these. Medicare isn’t much help either, as it covers brief nursing home stays and limited, specific home health care visits (such as rehab following a hospital stay). Medicaid helps those with lower incomes — but only after savings have been exhausted. This can leave some people in a financial bind, trying to cover the cost of care.
What Does Long-Term Care Insurance Cover?
Long-term care insurance is not traditional medical insurance. Instead, it helps cover a variety of services that don’t include medical care, such as assistance with daily, routine tasks.
Most long-term care policies will cover care given in the following places:
- A nursing home.
- An assisted living facility.
- A skilled nursing facility.
- Your home.
Do I Need Long-Term Care Insurance?
Whether or not you need a long-term care insurance policy depends on a variety of factors. In the long run, it’s up to the individual. Typically, people buy long-term care insurance to protect their assets and to gain more choices for care.
Take your overall health, assets, income, and potential care needs into consideration before buying a long-term care policy. The Texas Department of Insurance has a suitability worksheet that can help you weigh your options.
But, if you still have questions about long-term care insurance, contact your Agent. They can walk you through Texas Farm Bureau Insurance’s offerings and help you make the best coverage decision for your unique needs.
Now that you’ve got the basics, learn more about when to buy long-term care insurance.
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