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5 Crucial Long-Term Care Insurance Details You Should Understand

Approximately 70% of seniors aged 65 and above may require long-term care in the future. Their long-term care need emphasizes the importance of having long-term care insurance, an issue affecting most households. Even though many people need long-term care when they are old, only a few have long-term care insurance that can help reduce their cost of care.  Many people cannot afford to pay their long-term care costs, and their workplace health insurance cannot pay the extended daily health care cost. Generally, employer-based health insurance only covers the hospital and doctor bills. You can reduce these expenses when you have long-term care insurance.  Below are five long-term care insurance details that can guide your decision about getting long-term care insurance. If you selectively consider these factors, you are already making the best financial plan for your future. 1. Long-term care insurance works in various settings.  Most people think a nursing home is the only place they can receive long-term care. However, more than 70% of long-term care recipients receive care at home, without going to nursing homes or assisted facilities.  When individuals cannot perform certain activities such as eating, dressing, and bathing, they need long-term care. You don’t necessarily need to leave your home before receiving long-term care. You can receive care at home using home health assistance. It’s not attractive to foresee a situation where one will need long-term care, but having long-term care insurance will help pay the cost of care if one eventually needs it. It will be easy to receive care at your home instead of going to nursing homes when you have long-term care insurance. 2. The long-term care insurance policy will fill your caregiving gaps. You cannot guarantee that your family will be financially buoyant to pay your long-term care expenses when you get older. Besides, caregivers usually face significant emotional and financial burdens. Most caregivers eventually use their retirement savings to cover long-term care costs. Suppose your family member stays or works in a faraway place. In that case, they may be unable to provide caregiving due to logistical reasons and personal family needs. 3. Long-term care insurance policy covers higher healthcare expenses than Medicare. Medicare will only cover your health care cost at home for a short period of time. Although Medicare pays your care cost in a nursing home for specific periods when you are undergoing treatment for a known health condition, it will stop after you become stable and need custodial or personal care. 4. You may likely need long-term care. If you are 65 years old in 2022, you have a higher chance of requiring long-term care later in the future. You cannot determine if you will need this care or not since various reasons may necessitate long-term care. Purchasing long-term care insurance when you are young and healthy is the best since you will pay a lower premium on the policy. 5. You may not have enough savings to pay for long-term care services. Long-term care is of various types, and the cost for these long-term care types is high, usually more than $90,000 annually for care received in a nursing home. Conclusion It is good to prepare for unforeseen circumstances when planning for the future. Therefore, you should get a long-term care insurance policy if you want to reduce your health care costs later.
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