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5 Important Details about Long-Term Care Insurance

By Ted Holmgren, 9:00 am on February 27, 2017

Seniors who are planning for retirement should consider the possibility of long-term care. It is important to plan for long-term care because the cost can end up depleting the life savings of some seniors. Chandler, AZ, elder care professionals share some important information about long-term care insurance.

1. It Is Not the Only Option

While long-term care insurance can be incredibly beneficial, it is not the only way for seniors to pay for assistance. Those who have little or no assets might qualify for other programs such as Medicaid that will help them pay for care. Seniors who are independently wealthy and can afford to pay for long-term care might not need long-term care insurance.

2. The Qualifications Are Unique

Long-term care insurance doesn’t necessarily cover everyone who needs professional assistance. Policyholders must be able to prove they can no longer carry out everyday tasks such as bathing or dressing themselves. Most insurance providers have a preset list of tasks to determine if a policyholder needs assistance. 

3. It Covers Cognitive Disorders

Cognitive disorders such as dementia can be just as debilitating as physical ailments.In addition to the physical tests, seniors will most likely be screened for mental and emotional disorders, which is why long-term care insurance policies can be useful for those who have a high risk of developing dementia or another similar condition. 

4. Applying Early Saves Money

Much like life insurance, long-term care insurance becomes exponentially more expensive as an individual grows older. In some cases, waiting just five or ten years to apply for a policy could increase the premium by thousands of dollars a year. As a general rule, most people should begin looking at these types of policies around the age of 50 or 55.

5. Various Factors Determine Premiums and Total Coverage

Your loved one and the insurance provider will go over many different variables before finding the right policy, including personal health, family history, age, and gender. Your loved one will need to decide how much coverage he or she will realistically need in the event of a major accident, injury, or illness.

If your loved one wants more information about long-term care insurance, reach out to Home Care Assistance. Our dedicated caregivers can help your loved one manage a variety of daily household tasks. We provide reliable live-in and part-time care. Chandler, AZ, families can contact a qualified Care Manager at 480.448.6215 to learn about our services and schedule a free consultation.