Often referred to just as long-term care, the term refers to any type of care a person may need in the case of a chronic illness, disability, or any other long-term health complication. This includes skilled care that must be provided by nurses or therapists, as well as daily assistance with simple activities like bathing, eating or dressing.
Why would I need long-term care insurance?
Most general health insurance plans do not provide or include long-term care insurance. While some will pay for short-term stays in nursing homes or rehabilitation centers, coverage for long-term health care most often has to be purchased separately. If possible, you may want to consider a long-term insurance policy that is flexible, since you can’t predict your future health. Some long-term care insurance will cover nursing homes, adult day care, or assisted living homes. There are even policies that provide coverage for renovations or modifications made to your home that make it possible for you to safely stay in your own residence.
What about the cost of long-term care health insurance?
The cost of a long-term care policy is dependent on a few different factors. First, your age when you purchase the policy. The younger you are, the lower the price is likely to be. Second, the maximum amount of money per day that the policy will pay. The more you add to this, the more your cost will be. Third, the maximum amount of days the policy will cover. All of these factors together will determine the cost of your policy.
No matter what, a long-term care policy likely will cost more than a standard health insurance policy. In choosing a plan, you’ll want to consider what you can afford today, as well as in the future. Premiums may increase while your income may not. Make sure that you can afford the premium, or you may put yourself at risk of losing the money you’ve already invested in your future care.
If you have more questions, or are interested in what long term care policy is right for you, call Doyle & Ogden today at (616) 949-9000, or visit our website for a free, no obligation insurance quote! Our knowledgeable insurance agents can set you up with an affordable plan that meets your future needs.
