Who Needs Long Term Care Insurance?

who needs long term care insurance

Long term care isn’t the most exciting topic, but it’s an important one. 70% of Americans 65 and older will need long term care, and 20% of them will need it for longer than 5 years. Long term care insurance is a great way to make sure you are properly taken care of when you are older. 

What does long term care insurance cover?

Long term care insurance is designed to cover long term services and supports. It assists you with the five daily acts of living such as grooming, dressing, toileting, transfer or ambulating, and eating. Long term care is defined as any care that is longer than 3 months. Long term care can take place at a nursing home, assisted care facility or at home. 

Who needs long term care insurance?

Healthy or not, long term care insurance is a great option for anyone that wants to save money once they are older. In the United States, the average price of a nursing home is 108,000 per year for a private room. Long term care insurance will cut the costs of having to pay out of pocket.

Are there any government programs that can help cover long term care?

Medicare does not cover long-term care. Medicaid does offer partial coverage for long term care, however you would need to spend most of your assets in order to qualify. For example, a Maryland resident must have $2,500 or less in countable assets in order to qualify for nursing home coverage through Maryland Medicare. This makes long term care insurance worth considering. 

What age should I purchase long term care insurance?

The age you should purchase long term care insurance depends on your needs and family history. If your family has a history of health problems at a young age then it may be worth getting long term care insurance sooner than later. Ages 60 to 65 is considered the optimal time to get coverage. This is because it’s not too young or too old. Waiting until your 70s could make it difficult to find affordable long term care coverage.

We know that finding the right coverage can be difficult. Contact one of our experienced Avery Hall agents today at 410-742-5111 (Salisbury) or 410-822-7300 (Easton) to learn more. 

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