By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Health Works CollectiveHealth Works CollectiveHealth Works Collective
  • Health
    • Mental Health
    Health
    Healthcare organizations are operating on slimmer profit margins than ever. One report in August showed that they are even lower than the beginning of the…
    Show More
    Top News
    benefits of using protein powder to build muscles
    Protein Powder for Muscle Mass: Everything You Need to Know
    December 12, 2021
    changes brought on by blockchain in healthcare
    Technology In The Healthcare Industry
    March 28, 2022
    What Does Core Body Temperature Say About Health?
    August 17, 2022
    Latest News
    Grounded Healing: A Natural Ally for Sustainable Healthcare Systems
    May 16, 2025
    Learn how to Renew your Medical Card in West Virginia
    May 16, 2025
    Choosing the Right Supplement Manufacturer for Your Brand
    May 1, 2025
    Engineering Temporary Hospitals for Extreme Weather
    April 24, 2025
  • Policy and Law
    • Global Healthcare
    • Medical Ethics
    Policy and Law
    Get the latest updates about Insurance policies and Laws in the Healthcare industry for different geographical locations.
    Show More
    Top News
    FDA Approves Diabetes Pill
    May 2, 2011
    Patient Gets Drunk on Hand Sanitizer
    June 20, 2011
    Cultivating Health Improvement
    July 20, 2011
    Latest News
    Building Smarter Care Teams: Aligning Roles, Structure, and Clinical Expertise
    May 18, 2025
    The Critical Role of Healthcare in Personal Injury Recovery: A Comprehensive Guide for Victims
    May 14, 2025
    The Backbone of Successful Trials: Clinical Data Management
    April 28, 2025
    Advancing Your Healthcare Career through Education and Specialization
    April 16, 2025
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: The Basics of Long Term Care Insurance
Share
Notification Show More
Font ResizerAa
Health Works CollectiveHealth Works Collective
Font ResizerAa
Search
Follow US
  • About
  • Contact
  • Privacy
© 2023 HealthWorks Collective. All Rights Reserved.
Health Works Collective > Business > Finance > The Basics of Long Term Care Insurance
Finance

The Basics of Long Term Care Insurance

Alexandra Rivers
Last updated: December 16, 2014 9:00 am
Alexandra Rivers
Share
5 Min Read
SHARE

long term care insurance factsAs the boomer generation gets older and enters retirement, they face the challenge of having to pay for expensive long term care (LTC).

There’s health insurance to pay for medical treatment and hospitalization, but is there insurance coverage for specific health problems of senior citizens? There is and it’s long term care insurance (LTCI).

long term care insurance factsAs the boomer generation gets older and enters retirement, they face the challenge of having to pay for expensive long term care (LTC).

There’s health insurance to pay for medical treatment and hospitalization, but is there insurance coverage for specific health problems of senior citizens? There is and it’s long term care insurance (LTCI).

More Read

Boomers More Concerned About Health Than Appearance – We’re Not So Vain After All
Marketing to Physicians? Think Education and Email
From the Health Innovator’s Collaborative: Providing Better Care with Less
Handling New Patient Leads: When to Call a Lead
Marketing Medical Devices to Consumers, Not Patients

Long term care insurance helps pay for long term care services so baby boomers can deal with the hardships that come with old age without worrying about paying for care.

Early preparation is necessary and part of long term care planning is to determine how you will pay for long term care. You can learn more about LTCI by asking the basic questions.

Here are common questions about the basics of LTCI:

1. “Why do I need long term care insurance?”

With the increasing cost of health care, it is necessary that you purchase long term care insurance to prevent future financial problems with paying for care.
Using your savings to pay for LTC can easily drain your assets, leaving your loved ones or beneficiaries with no legacy.

2. “How much do LTCI policies cost nowadays?”

LTC insurance costs vary. There are several factors that affect insurance premium:
• Age
• Current health condition
• Location
• Type of coverage

Some companies offer discounts for couples who buy a shared or joint policy. Be sure to ask insurance companies if they offer policy packages. Visit insurance company websites and ask for your free quote.

3. “When’s the best time to buy long term care insurance?”

When you decide to buy long term care insurance, you may want to start looking at major insurance companies. Research the financial ratings of your chosen companies. Check out rating websites such as A.M. Best, Standard and Poor’s, and others.
Most insurance experts recommend that you buy a policy in you late 40s or mid 50s. The younger you apply for a policy, the less you pay for premiums. The longer you live, the higher the possibility that you will require long term care assistance due to old age.

4. “Where can I buy long term care insurance?”

Here are options where you can buy LTCI:
• From most insurance companies or financial planners.
• By contacting your state’s Department of Insurance to learn more about the type of coverage available.
• Sometimes employers offer long-term care insurance to employees.
• Local, state or Federal governments offer group long-term care insurance to their employees.
• Check with your Human Resources department to see if your employer offers long-term care insurance.

5. “What are the benefits of owning LTCI?”

By owning a long term care insurance policy:
• You are protecting your assets from expensive LTC costs.
• You are preventing incidences where you use a family member’s personal time by having a personal caregiver.
• You can enjoy retirement since your long term care services will already be covered by your policy.

6. “How long does long term care insurance pay?”

Some policies can pay from two to five years, while other policies from different insurance companies can pay for as long as you live. However, policies with no limits are uncommon.
Long term care insurance is not a “one size fits all” kind of deal. You can customize your plan. Ask your insurance provider about your options. You can choose the number of years you want to be covered.

Right now, you may still not see the need for long term care insurance. However, to secure your future, you need to act ahead.

Learn more about the basics of long term care insurance by talking with a financial planner or doing online research.


References:

http://www.marketwatch.com/story/3-crucial-things-to-know-about-long-term-care-insurance-2014-11-08

http://www.fpsinsurance.com/products/long-term-care-insurance/

http://www.investopedia.com/terms/l/ltcinsurance.asp

long term care insurance / shutterstock

TAGGED:baby boomers
Share This Article
Facebook Copy Link Print
Share
By Alexandra Rivers
I am Alexandra Rivers, a highly experienced healthcare professional with extensive experience in hospital administration. With over 10 years of experience working in the field, I have developed a comprehensive understanding of the healthcare industry and its complexities.

Stay Connected

1.5kFollowersLike
4.5kFollowersFollow
2.8kFollowersPin
136kSubscribersSubscribe

Latest News

Do You Grind Your Teeth at Night? Here’s How Night Guards and TMJ Treatments Can Help
Do You Grind Your Teeth at Night? Here’s How Night Guards and TMJ Treatments Can Help
Dental health
May 21, 2025
The Secret To A Confident Smile: Top Tips For Better Teeth
The Secret To A Confident Smile: Top Tips For Better Teeth
Dental health
May 21, 2025
Clinical Expertise
Building Smarter Care Teams: Aligning Roles, Structure, and Clinical Expertise
Health care
May 18, 2025
Grounded Healing: A Natural Ally for Sustainable Healthcare Systems
Grounded Healing: A Natural Ally for Sustainable Healthcare Systems
Health
May 15, 2025

You Might also Like

insurance mandate exemption
BusinessFinance

An Exemption to the Insurance Mandate That Looks a Lot Like Insurance Without the Assurance

September 2, 2014
obamacare and employers
BusinessFinanceHealth ReformPolicy & LawPublic Health

What Employers Think About Healthcare

September 20, 2013

Tissue Engineering and Cell Therapy Market Outlook

May 23, 2014
MassHealthPremiums
BusinessFinanceHealth ReformPolicy & LawPublic Health

Massachusetts Insurance Companies Reveal Health-Cost Calculators

October 30, 2014
Subscribe
Subscribe to our newsletter to get our newest articles instantly!
Follow US
© 2008-2025 HealthWorks Collective. All Rights Reserved.
  • About
  • Contact
  • Privacy
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?