Long-Term Care

Many people will spend their twilight years in a care facility.

As you age, simple daily tasks – such as bending over to put on a pair of pants or standing for hours to do chores – become more challenging. You’ll likely need nursing care in addition to home assistance as your health deteriorates. Unfortunately, health insurance and medical assistance often only cover a small portion of the expense of a nursing facility, which is why long-term care insurance is particularly important. A plan helps cover the cost of a nursing home, assisted living facility or other long-term care option. Long-term care insurance pays for a wide range of services and procedures that typically aren’t covered by medical insurance. The types of care fall into three categories: skilled, intermediate and custodial.

Skilled Care

If you have a serious illness or injury that you can recover from, you will probably receive skilled care from nurses or professional therapists. Skilled care is provided daily, usually ordered by a physician, and involves a treatment plan. In short, skilled care helps get you better.

Intermediate Care

This type of care is similar to skilled care, but not provided on a daily basis. For instance, if you injured your leg and need to visit a physical therapist five times a week to help you heal, that would be considered intermediate care.

Custodial Care

Unlike skilled and intermediate care, which is used to improve your health, custodial care isn’t intended to heal you. Instead, custodial care includes assistance with daily activities like bathing, eating, dressing, toileting (getting on and off the toilet and other tasks associated with personal hygiene), continence and transferring (getting in and out of bed and chairs). Catheter or colostomy maintenance is also included. Custodial care can range from in-home care provided two or three days a week, to 24-hour nursing home care.

Frequently Asked Questions

How much does long-term care insurance cost?

The cost of long-term care insurance varies depending on factors such as your age, health status, the amount of coverage, the length of the benefit period, and the insurance company. Premiums can range from a few hundred to a few thousand dollars per year.

The ideal time to purchase long-term care insurance is typically in your 50s or early 60s when premiums are more affordable and before any health conditions may disqualify you from coverage. However, it’s never too late to explore your options, as long as you’re in good health.

To learn more about long-term care insurance and determine if it’s the right option for you, consider consulting with a licensed insurance agent specializing in long-term care insurance or speaking with a financial advisor knowledgeable about retirement planning.

If you’re unsure about if long-term care insurance is right for you, give us a call and schedule a no-cost consultation where we can help you understand your options! Call us at 417-883-9300 or click “Call Now” below: