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What You Need to Know About Long Term Care Insurance

By April 30, 2018Long Term Care Insurance
What You Need to Know About Long Term Care Insurance

Did you know that a single health issue can cause major financial issues and even empty the savings account of an aging senior in as little as a year? Are you or your aging parent covered in the event something critical happens?

A recent Legg Mason study indicates that two-thirds of Americans don’t have a proper long-term plan. In fact, many people are not even aware that they can protect their life savings and cover these costs with a plan from long term insurance companies.long term care insurance pros and cons

What is Long Term Care Insurance and Why Do You Need It?

Smart financial planning for those over 55 includes preparation for aging issues that require long term care options. Longer life spans and longevity have created the need for innovative financial products, including long term care insurance.

Long term care is the care a person needs from medical professionals or certified aides at home or in a healthcare facility. Because the care is delivered over an extended period of time, the cost can be expensive. Long term care insurance helps pay for some of the costs associated with long term illnesses, disabilities, and chronic conditions. Discussing your needs with long-term care insurance companies is a good choice to protect you or your loved one’s nest egg and lifelong savings. It helps insure that your money stays in the bank and allows you to avoid costly health related expenses that are not covered by Medicare or health insurance.

What Does Long Term Care Insurance Cover?

The type of coverage offered by long term care insurance companies depends on the type of policy chosen. The best long term care insurance is designed to cover services including personal and custodial care, which can be delivered in your home, a community organization, or other facility.

In addition, the best long term care insurance companies offer policies that reimburse policyholders a daily amount for services.  This includes bathing, dressing, eating, toileting, transferring, walking, and continence. Customers can choose from a variety of care options and benefits for their policy that allow them to have access to the services needed. Coverage can include the cost of adult day health care, home health care, or hospice care.  Additionally, policies may include costs of care in a nursing or assisted-living community. Here are some long term care insurance pros and cons to consider:best long term care insurance

Long Term Care Insurance Pros and Cons


  • Allows you to maintain your independence as you get older
  • Peace of mind knowing you can afford quality healthcare
  • Reduces the financial burden and mental stress for family during a health crisis


  • Premiums can be costly
  • Individuals must qualify for coverage
  • Coverage can limit to specific agencies or providers

The Long Term Living Association Can Help

The team at the Long Term Living Association is here to help. Our advisory team can assist individuals and families planning for the future.  Additionally, we help those who are currently struggling financially due to aging issues and longevity needs. Lastly, we offer education, information, and assistance to help people plan for and manage the challenges associated with aging.

Our goal is to save people time and alleviate the stress that long term living typically places upon a family. Use our convenient online scheduling system to make an appointment to talk to us or give us a call at 800-868-1193 for more information about how we can help.

Retirement Income and Long Term Care Insurance Specialist

Michael B. FitzPatrick