Health care

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

3 Mins read


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.

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.

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