Long-term care insurance can be used to cover the cost of a variety of forms of care, including nursing homes, assisted living facilities and in-home care. This type of insurance takes care of the expenses that Medicare and Medicaid don’t cover and can be useful for those concerned about the prospect of needing long-term care as they get older.

Long-Term Care Insurance Rarely Covers Medical Care Itself

Each insurance provider can set its own policies when it comes to what is covered. Most long-term care insurance providers cover the cost of the stay in the facility and rehabilitative services such as physical and speech therapy, but they don’t cover the cost of medical treatments that would fall under traditional health insurance. Insurance providers can set maximum lifetime benefits or a number of months or years for which their maximum benefit will pay out. The best long-term care insurance providers offer full payments for several years.

Plan Ahead for Long-Term Care

An estimated 1.5 million Americans live in nursing homes, and as the population gets older, that figure is likely to increase. It’s important to plan ahead when it comes to long-term care insurance. Seniors who have a pre-existing medical condition that makes them likely to require long-term care in the near future may find it hard to get coverage. In addition, the insurers that accept them may have a waiting period before they’re eligible to claim.

Taking out a long-term care insurance policy is an important part of retirement planning. Seniors can seek advice from a financial advisor or their local Area Agency on Aging to help them understand their care options, what benefits they’re eligible for, and whether insurance is a good option for them.

Learn More About The Best Long-Term Care Insurance Companies