Put simply, long-term care insurance policies provide coverage for the care services someone may need as a senior citizen. Medicare doesn’t cover everything, and it can be complicated to qualify for Medicaid. A long-term care insurance plan, however, can help an older American afford the specialized care they require.
The cost of a nursing home or assisted living facility amounts to tens of thousands of dollars annually. Whether money’s tight or you wish to preserve your assets for future generations of a family, purchasing a long-term care insurance policy earlier in your life can save you (and your loved ones) a lot in the long run!
When Should I Purchase Long-Term Care Insurance?
Typically, people purchase long-term care insurance policies as they approach retirement. This means you might want to secure a policy as soon as your 50s but no later than 65. Premiums can rise with age, so it’s probably better to lock in a good rate as soon as possible!
Do I Really Need Long-Term Care Coverage?
As much as 70% of people turning 65 will need some form of long-term care, and the likelihood that you’ll need it only goes up as you advance in age. When the average cost of a semi-private nursing home room is about $8,000 a month, purchasing long-term care coverage can be a sensible financial decision.
We Can Help You Get Long-Term Care Coverage
If you’re looking for a long-term care insurance policy that’s right for you, our team at Insurance Specialists, Inc. can help. We can match you with policies that meet your needs and fit your budget.
Learn more about our services today when you contact us online or call (888) 451-0883.