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Long-Term Care: Don’t Underestimate Your Need For Coverage

Aging baby boomers and new medical technology that prolongs life have increased the need for long-term care. Long-term care is something Americans of any age should be thinking about, but most people are not aware of or prepared for the cost.

Long-term care refers to a wide range of medical and non-medical services – including custodial help with daily activities, nursing care and skilled nursing services – for people who are physically or mentally unable to care for themselves. Home health care, adult day care, respite care, assisted living and nursing home care all fall into the category of long-term care.

Long-Term Care Insurance Critical for Any Age

A LTC insurance policy can help cover the expenses incurred for long-term care. Many people mistakenly assume that long-term care insurance is only for the elderly, but a third of all individual long-term care policies are purchased by people younger than 65. The coverage is critical for a person of any age; plus, it can be more economical to purchase such coverage when younger.

Anything can happen to anyone at any time resulting in the need for some sort of care. It is not uncommon to find a person in their 30s in a nursing home because of a debilitating accident.

Other Coverages Inadequate

Other types of insurance or government programs don’t provide the amount of coverage available in a long-term care policy.

1. Health insurance policies typically do not cover LTC costs such as nursing homes or assisted living facilities. Also, most policies don’t pay for adaptive equipment, special transportation needs or home modifications.

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