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
    falsified drugs
    What Are the Health Risks of Falsified Drugs?
    July 15, 2024
    chronic disease
    The Role of Compliance Packaging in Chronic Disease Management
    November 4, 2024
    How to Deal with Ethical Dilemmas in Social Work
    How to Deal with Ethical Dilemmas in Healthcare Social Work
    March 6, 2025
    Latest News
    Beyond Nutrition: Everyday Foods That Support Whole-Body Health
    June 15, 2025
    The Wide-Ranging Benefits of Magnesium Supplements
    June 11, 2025
    The Best Home Remedies for Migraines
    June 5, 2025
    The Hidden Impact Of Stress On Your Body’s Alignment And Balance
    May 22, 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
    (Some) Docs Launch War on Overutilization
    February 19, 2012
    Ribs on BBQ
    Meat and Mortality: Does Eating Meat Decrease Your Lifespan?
    March 10, 2013
    Match Day Looms, Can Primary Care Once Again Show Gains?
    March 15, 2012
    Latest News
    Let Your Lawyer Handle the Work Before You Pay Medical Costs
    July 6, 2025
    Top HIPAA-Compliant Messaging Apps for Healthcare Teams
    June 25, 2025
    When Healthcare Ends, the Legal Process Begins: What Families Should Know About Probate and Medical Estates
    June 20, 2025
    Preventing Contamination In Healthcare Facilities Starts With Hygiene
    June 15, 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
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

Cost transparency
New ACA Provision Calls for Cost Transparency in Hospitals
Revamping Your Revenue Cycle in 2015: 7 Things to Consider
The Meaning and Depth of the Primary Care Crisis
Doctors: Beware the Doc Fix
More Medical Monopoly-Yes, Medical Bills Are Killing Us!

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

car accident lawsuit
Let Your Lawyer Handle the Work Before You Pay Medical Costs
Policy & Law
July 6, 2025
women dental care
What Is a Smile Makeover and How Much Does It Cost?
Dental health
June 30, 2025
HIPAA-Compliant Messaging Apps
Top HIPAA-Compliant Messaging Apps for Healthcare Teams
Global Healthcare Policy & Law Technology
June 25, 2025
recovering from injury
Rebuilding After Injury: Path to Physical and Emotional Recovery
News
June 22, 2025

You Might also Like

how to cut health-care costs
BusinessFinancePublic Health

Saving Money: Paying Cash for Health Care Even If You’re Insured

September 9, 2014
KPIs
BusinessFinance

6 Healthcare Financial KPIs You Need for 2017

November 30, 2017
Screen Shot 2014-04-01 at 2.49.04 PM
BusinessFinanceMedical DevicesMedical InnovationsTechnology

Fundings in Medtech 2009-2014: A Contrarian View

April 5, 2014
DTC Marketing, Medical Device Marketing, Medical Technology Marketing
BusinessFinance

Medical Device DTC Marketing: Digital Co-Marketing and the Power of the Referral (Part 2 of 4)

July 21, 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?