Understanding Long Term Care Insurance
As we age, the risk of needing long term medical or custodial care increases. Long term care refers to services that assist individuals with activities of daily living, such as bathing, dressing, and eating, often provided in nursing homes, assisted living facilities, or at home. Long term care can be extremely expensive, with costs averaging over $100,000 per year.
Long term care insurance is specifically designed to help cover these costs. It provides funds to pay for long term custodial or skilled care at home, in the community, or in a facility. There are several key benefits of long term care insurance:
- Pays for care: LTC insurance pays for care provided by skilled nurses, home health aides, and assisted living facilities. This can reduce the financial burden on your savings and assets.
- Provides flexible options: Policies can be customized to meet your specific needs and budget. You can select your maximum daily benefit amount, benefit period length, and additional features like inflation protection.
- Covers a range of services: Most policies cover skilled, intermediate, and custodial care ranging from assistance with daily activities to full-time skilled nursing.
- Gives you control: Having LTC insurance allows you to choose the type of long term care you receive rather than depending on family or qualifying for Medicaid.
- Peace of mind: LTC insurance provides the security of knowing you will have funds to pay for quality care. This offers peace of mind for you and your family.
The best time to purchase long term care insurance is commonly in your 40s and 50s while still in good health. Our team at Ocean City Financial Group can help you review your options and select appropriate coverage. Contact us today for a personalized review.
