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
    grief
    Coping With Depression from Loss After a Preventable Accident
    November 14, 2024
    medical research
    The Key to Medical Progress in Clinical Trials
    March 13, 2025
    HIPPA compliance
    How Medical Office Staff Can Make Your Practice HIPAA Compliant
    October 29, 2021
    Latest News
    7 Most Common Healthcare Accreditation Programs: Which Should You Use?
    August 20, 2025
    Hospital Pest Control and the Fight Against Superbugs
    August 20, 2025
    Hygiene Beyond The Clinic: Attention To Overlooked Non-Clinical Spaces
    August 13, 2025
    5 Steps to a Promising Career as a Healthcare Administrator
    August 3, 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
    Image
    Emergency Room – Don’t Use It For Primary Care!
    March 19, 2013
    Encouraging Medicare News From Senate Republicans
    March 17, 2012
    chronic disease
    Lifestyles Cause Most Serious Disease and Deaths
    May 25, 2013
    Latest News
    How Social Security Disability Shapes Access to Care and Everyday Health
    August 22, 2025
    How a DUI Lawyer Can Help When Your Future Health Feels Uncertain
    August 22, 2025
    How One Fall Can Lead to a Long Road of Medical Complications
    August 22, 2025
    How IT and Marketing Teams Can Collaborate to Protect Patient Trust
    July 17, 2025
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: “Will I Need Long-Term Care?” – Details About 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 > Policy & Law > Health care > “Will I Need Long-Term Care?” – Details About Long-Term Care Insurance
Health care

“Will I Need Long-Term Care?” – Details About Long-Term Care Insurance

Phil Cohen
Phil Cohen
Share
5 Min Read
SHARE

 

Most of us don’t like to think about getting old, however, it’s a reality that we have to face. Old age comes to everyone in time, and when you’re elderly there’s a chance that you may need long-term nursing care. Many retirees today are having to pay out huge sums of money for their long-term care, with thousands of dollars every month being spent on nursing homes or in-home healthcare services. Just because you don’t want to be in that situation yourself doesn’t mean that it won’t happen, so shouldn’t you be planning ahead of time for your retirement?

Taking out long-term care insurance is a sensible course of action for anyone approaching retirement who wants to avoid spending their hard-earned life savings on paying for ongoing care costs. This type of policy covers the costs relating to assisted living facilities, nursing home care and in-home aid, none of which are covered by Medicare.

While nobody wants to imagine themselves in long-term care, it’s a possibility for any of us, and that’s why it’s always recommended to invest in a policy, especially if you’re aged between 52 and 64 which is when the best premiums can be obtained.

More Read

The Critical Role of Healthcare in Personal Injury Recovery: A Comprehensive Guide for Victims
The Critical Role of Healthcare in Personal Injury Recovery: A Comprehensive Guide for Victims
Holistic Practices That Will Improve Your Life
Shopping for Health Insurance
Mental Health And Debt: How Are They Associated
Beyond the Fender Bender: Accident Injuries, Actions, and Recovery

Why Might I Need Long-Term Care Insurance?

Healthcare ranks among the biggest expenses that retirees face. This is because Medicare can’t cover all costs, including the majority of long-term care needs, and this leaves many people having to dig into their own life savings or borrow from friends or family should they need daily assistance at some point in their old age.

Ongoing healthcare costs for the elderly aren’t cheap. Semi-private rooms in nursing homes cost around $7,000 monthly, and private rooms cost around $1,000 more. One-bedroom assisted living facility units cost about $4,000 every month and even in-home health aides charge around $20 per hour. Those costs all mount up.  According to research from the Urban Institute, it’s estimated that over 50% of over 65-year-olds will go on to develop a condition that necessitates long-term care for 2 years or under and one out of every seven will need 5 years or more of ongoing care. Clearly, the cost of this treatment can be significant, but long-term care insurance will minimize those costs. Every dollar counts when trying to live a quality life while retired as barely making ends meet can cause unnecessary stress.

Am I Likely To Need Long-Term Care?

There’s no way of knowing whether you’ll require long-term care as you get older. However, if you’re worried that you won’t be able to pay for ongoing healthcare needs or if you would rather not use your savings to cover your costs, you should definitely consider taking out an insurance policy which helps to cover the expenses involved with providing for your caring needs in your old age.

While anyone may end up needing long-term care, women should certainly consider taking out a policy since statistically, they outlive men and often wind up alone in their later years. Also, anyone who has a chronic illness that could lead to long-term disability, anyone whose family health history is poor, anyone with a long-term condition such as hypertension or diabetes or those who have poor exercise and diet habits should also consider taking out a policy.

It’s important, however, to note that not everyone can take out a long-term care policy. Anyone who already requires assistance with qualifying daily activities, anyone who has dementia, AIDS, metastatic cancer or a progressive neurological problem, as well as anyone who has recently suffered from a stroke, may find that they are denied this type of insurance cover.

Where Can I Buy Long-Term Care Cover?

There are several insurers who offer long-term care insurance policies, and there are also different types of policies to choose from including standard LTC cover and hybrid policies like the Nationwide Care Matters long term care plan which offers the benefits of both life insurance and LTC cover.  It’s therefore important to do your research before making a final decision. Taking the time to choose the right insurance provider for you will ensure that you make a well-informed choice so that you can enjoy all of the peace of mind that comes with knowing you’ll be well-provided-for should you need long-term care in your retirement.

TAGGED:health insurancehealthcare insurancelongterm carelongterm care insurancelongterm insurance
Share This Article
Facebook Copy Link Print
Share

Stay Connected

1.5kFollowersLike
4.5kFollowersFollow
2.8kFollowersPin
136kSubscribersSubscribe

Latest News

engineer fitting prosthetic arm
How Social Security Disability Shapes Access to Care and Everyday Health
Health care
August 20, 2025
a woman explaining the document
How a DUI Lawyer Can Help When Your Future Health Feels Uncertain
Public Health
August 20, 2025
physiotherapist at work
How One Fall Can Lead to a Long Road of Medical Complications
Health care
August 20, 2025
Common Healthcare Accreditation Programs
7 Most Common Healthcare Accreditation Programs: Which Should You Use?
Health News
August 20, 2025

You Might also Like

Choosing a Provider, Ethics, and Playing Darts Blindfolded

July 19, 2013
money and steth pic
Wellness

Health Reward Stat of the Day: Manulife partners with Vitality to reward healthy living

February 23, 2016
healthcare software development
Technology

The Process of Developing Multifunctional Software in Healthcare

October 3, 2023
benefits of health insurance
Health carePublic Health

Key Factors in Choosing Health Plans Based on Deductibles

February 26, 2021
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?