Long-term Care Insurance: Do You Need IT?

Nurse with senior man

William and his son, Jack, listen as the doctor explains the long-term care William will now need. Jack can cook for his dad, but William will need help with everyday tasks, such as dressing and bathing.

And that means hiring care providers to come to William’s home. Thankfully, his long-term care insurance will help with this new expense.

When it comes to long-term care insurance (LTCI), many people delay buying it or figure they can get by without it. Plus, from premium costs to benefits, there are a lot of variables of consider.

So, here are some important points to help you decide if long-term care insurance is right for you.

What it is long-term care exactly?

Long-term care is the help you need when you’re unable to do everyday tasks yourself. You may need long-term care due to an injury, a chronic illness, a disability or as part of the ageing process.

Your care might include assistance with bathing, dressing or eating.

Additionally, you will receive long-term care where you live: in your family home, a nursing residence or in an assisted living facility.

And care providers might range from unpaid family members to paid care providers — such as a nurse, a home health aide or a therapist.

How long-term care insurance helps

While long-term care often falls to family members, you may still need additional professional care.

And once you’re paying for care services, the cost adds up quickly.

A long-term care insurance plan will offset your care expenses. That means, even with an LTCI plan in place, you may experience out-of-pocket costs. But knowing you have access to these benefits is much better than wondering how you will manage hefty care expenses.

Weighing up LTCI costs

Of course, the cost of a LTCI premium is a concern. After all, it’s a significant annual expense.

So, before signing up for a policy, make sure you understand the benefits and how the plan will help once you need to call on it. That includes anticipating your future needs, as well as finding a premium fit for your current — and future — financial situation.

No doubt, it’s complicated.

The key is to give yourself plenty of time to dig into the LTCI information. Talk to people who know about LTCI — professionals who can explain all your options, discuss your concerns and recommend the right long-term care plan for you.

Who benefits most from LTCI

As mentioned earlier, family members often provide their loved one’s long-term care. But for spouses, adult children and relatives — who may have family and work obligations or be older —  providing care can take its toll.

Ultimately, whether a loved one needs someone to help with cooking or full time nursing care, knowing there’s an LTCI financial cushion brings peace of mind for your family — and you.

Need someone to answer your long-term care insurance questions? My Senior Health Plan’s team of retirement specialists can help. Call 1-877-255-6273 today to speak with a live agent.