As we get older, many of us are coming to the realization that we may need long-term care at some point in our lives. It is estimated that 70% of Americans 65 and over will eventually need some kind of long-term care, and almost 40% of seniors will need nursing home care, which can cost upwards of $75,000 a year.

Seniors are eligible for Medicare at 65, but it does not cover all medical expenses. So what can you do? Purchase long-term care insurance which covers expenses that other health insurance policies don’t, such as medical care and nursing assistance, whether it is received at home or in a medical facilities.

Here are some reasons why you should purchase long-term care insurance:

  • If you have substantial assets: Those with assets to dedicate to long-term care may not need long-term care insurance. But if you’d rather pass along your assets to family, this is the best solution.
  • If you have moderate assets: This applies to most people. You can decide not to purchase long-term care insurance and spend all your assets on care until Medicaid kicks in. Or you can protect assets you already have, while simultaneously providing future coverage, by buying insurance.
  • If you want a choice: If you’re paying for long-term care with personal assets, your choice may be limited due to the high cost of many long-term care options. Medicaid also will only cover certain expenses and facilities. With long-term care insurance, you can choose a policy with options you want.

Long-term Care Insurance policies typically cover:

  • home visiting nurses
  • home-delivered meals
  • chore services
  • adult daycare
  • caregiver respite
  • physical therapy
  • assisted living and nursing home services.
  • caregiver training for family member care providers.
  • the costs of installing at-home wheelchair ramps or household modifications
  • and more.

For more information about long-term care insurance or to inquire about your current health policies and what they cover, contact Brazelton Insurance Group.