The Benefits of Long-Term Care Insurance

Long-term care insurance is an insurance product that helps pay for the costs associated with long-term care. Long-term care insurance covers home health care, nursing care, or personal/adult day care. Long-term care insurance is definitely something everyone should be looking into, especially with people living longer than in past years. 

Why have Long-Term Care Insurance? 

Long-term care insurance is important to have because it allows you to stay at home or in a setting of your choice. You would have the ability to make your own decision on where you decide to stay and receive care from your choice of location. Long-term care insurance also helps you maintain your independence and dignity. You are able to get care right from your home and stay in your own home if you choose. This provides you with independence and the ability to do what you want and choose the type of care you want. It can also help protect your retirement assets or income. This is because it will help fund your care—rather than withdraw money from your personal assets to pay for it. Lastly, it can help relieve financial and caregiving pressure on your family. At this time in your life, there can be a lot of pressure on your family to take care of you physically and financially. Long-term care insurance will take away that burden and allow you and your family to just spend time together and not worry. The reasons to have long-term insurance are endless and can be very beneficial to you down the road. 

What can you do with Long-Term Care Insurance?

Long-term care insurance is designed to cover long-term services and supports, including personal and custodial care in a variety of settings such as your home, a community organization, or other facility. Long-term care insurance policies reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating. You can select a range of care options and benefits that allow you to get the services you need, where you need them. Long-term care offers 3 main types of insurance: Traditional long-term care, Hybrid long-term care, and Life Insurance with a long-term care rider. Traditional long-term care covers long-term care expenses in your home or a facility. Hybrid long-term care provides coverage for extended care in your home/facility and a death benefit (if you don’t use the long-term care insurance, your loved ones will receive a life insurance payout when you pass away). Life Insurance with a long-term care rider lets you use some of the life insurance policy’s death benefit to pay for long-term care needs while still alive. What you can do with long-term care insurance is up to you, and what type of care you want.

Where do you Buy Long-Term Care Insurance?

Long-term care insurance can be bought through an insurance professional, through your employer, or through associations or membership groups. For Tennessee, we have compiled a list of long-term care insurance companies: Bankers Life & Casualty, Brighthouse Financial, Global Atlantic, LifeSecure Insurance Company, Lincoln Financial Group (Lincoln MoneyGuard), Mutual of Omaha, National Guardian Life, Nationwide Life Insurance Company, New York Life, Northwestern Mutual, Securian Financial, State Farm, State Life Insurance Company (OneAmerica), Thrivent Financial.

Who Should Buy Long-Term Care Insurance?

Everyone should look into buying long-term care insurance. Most people consider buying LTC coverage between the ages of 55 and 64. American women live longer than men (81 years on average versus 76 for men), and this translates to potentially more unhealthy years on average for women. People purchase LTCi to protect their assets, have financial security, and not be a financial burden on their families. They are concerned about health, longevity, finances, and family members. 

There are so many benefits to long-term care insurance, and as seen above everyone should look into it and consider buying LTC insurance. Here at AdvanceCare, we recommend looking into LTC insurance to be able to enjoy your golden years and know that you and your family are protected.