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05. Long-Term Care

Your Long-Term Care Options

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Long-term care services are not covered in typical health insurance policies or in your Medicare coverage. In the event that you develop a chronic illness or become disabled and can no longer care for yourself for an extended period of time, you’ll need long-term care services. 

What is Long-Term Care Insurance?

Long-term care insurance can be utilized to help cover the costs of long-term care needs. This usually takes place when you can no longer manage a specific number of daily living activities on your own. The exact type of care covered varies by policy, but it often includes:

  • Adult day care centers

  • Assisted living facilities 

  • Alzheimer’s special care facilities

  • Home health care

  • Nursing homes

  • Respite care

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When Should I Buy it?

Long-term care insurance rates are very dependent on your age and your health and most of today’s long-term care insurance policies come bundled with life insurance coverage. This means you get two important coverages in one policy: life insurance coverage and long-term care coverage if a chronic illness or disability requires you to need long-term care. Like long-term care insurance rates, life insurance rates are also highly dependent on your age and your health. 

Recommendations on when to purchase long-term care insurance are nuanced based on your individual situation, but most insurance professionals recommend shopping for long-term care insurance in your 40s or 50s for the following reasons:

  • Lower rates when you’re younger and in better health.

  • Locked-in coverage helps to secure coverage when you’re in good health protects against the possibility that you won’t be able to obtain coverage later on.

  • Peace of mind knowing that your loved ones would be protected if you were to pass away or need long-term care coverage at anytime in the future.

That said, it’s not too late to get coverage if you’re in your 60s or beyond. Just know that you will probably pay considerably more for a policy than someone who is younger.

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Long-term care insurance can relieve the financial burden after a health crisis.

Start the Conversation

There are many options for long-term care insurance to consider. A licensed insurance agent can help you find the right one that works within your budget⁠—plus, you may also be able to deduct long-term care insurance premiums from your federal and state taxes. 

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