Long-term insurance basics
What is long-term care insurance? What does it cover? How do I get it? These are all important questions to ask if you or a loved one is in a senior living community. Here's an overview of what you need to know:
What is long-term care?
Long-term care insurance is insurance that helps to pay for costs associated with long term care that one receives in the future.
What is covered?
Long-term care insurance may cover homecare, assisted living, memory care, group homes, and nursing homes. While it does not pay for independent living, it can pay for homecare agencies who provide care to independent living residents.
But ultimately, precisely what’s covered depends on the particulars of the contract. For example, a hypothetical contract might specify that care is only covered by providers who have registered nurses on site 24/7, which will in effect limit the policy’s use to nursing homes.
So that you are not scrambling to make sense of insurance fine-print in a family emergency, you should take time to understand the contract and its particular stipulations well in advance of any need.
How do I get long-term care insurance?
It’s important to note that if you are already a senior and don’t have long-term care insurance, it would be prohibitively expensive to buy it at this point. But it may be wise for adults who are middle-aged or younger to consider such insurance.There are several major long-term care insurance companies offering plans in the United States, such as Genworth, just to name one. Any of these companies would be glad to connect you with a broker who could explore pricing plans. It’s just important to remember not to make snap decisions. Anyone exploring long-tern should do their homework before choosing an insurer and picking a policy.
Want some additional information about the benefits of living in a retirement community? Discover more about Holiday Retirement’s senior living communities.