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
    Physicians
    Why Recruiting Physicians is More Challenging than Hiring Other Professionals
    December 17, 2024
    Telemedicine Apps
    Why Custom Telemedicine Apps Outperform Off‑the‑Shelf Solutions
    July 20, 2025
    improving patient experience
    6 Ways to Improve Patient Satisfaction Within Hospitals
    December 1, 2021
    Latest News
    5 Steps to a Promising Career as a Healthcare Administrator
    August 3, 2025
    Why Custom Telemedicine Apps Outperform Off‑the‑Shelf Solutions
    July 20, 2025
    How Probate Planning Shapes the Future of Your Estate and Family Care
    July 17, 2025
    Beyond Nutrition: Everyday Foods That Support Whole-Body Health
    June 15, 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
    Surge Exercises: Bombings and Blast Injuries
    April 21, 2013
    This Week in Washington
    March 27, 2012
    Are You Providing Value to Patients?
    June 12, 2013
    Latest News
    How IT and Marketing Teams Can Collaborate to Protect Patient Trust
    July 17, 2025
    How Health Choices and Legal Actions Intersect After an Injury
    July 17, 2025
    How communities and healthcare providers can address slip and fall injuries with legal awareness
    July 17, 2025
    Let Your Lawyer Handle the Work Before You Pay Medical Costs
    July 6, 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

money and steth pic
Health Reward Stat of the Day: Manulife partners with Vitality to reward healthy living
Woman Makes Horrifying Discovery Through Ancestry DNA Test
Here’s What To Know And Expect About The Future Of Healthcare
Developing a Sound Relapse Prevention Plan After Discharge
3 Limitations of Australia’s Public Healthcare System and How to Deal with them

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

technology in medical research
The Tools Helping Medical Researchers See the Full Picture
News Technology
August 3, 2025
5 Steps to a Promising Career as a Healthcare Administrator
5 Steps to a Promising Career as a Healthcare Administrator
Health
July 31, 2025
holistic dental
Holistic Dentist Services Are Natural and Safe
Dental health Specialties
July 28, 2025
botox certification
Help Improve People’s Skin Health Via Botox Certification
Skin Specialties
July 22, 2025

You Might also Like

Health careHome Health

Kinesiology Taping: The Modern Therapy For Pain Relief

December 9, 2019

Money Money, Who’s Got The Money?

August 21, 2012
health issues associated with aging
Health carePolicy & Law

4 Proven Strategies to Protect Your Health for the Future

June 3, 2021

The Anatomy of Health Insurance [Infographic]

April 19, 2012
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?