Should You Have Long Term Care Insurance?

KJ Martin
 | Published: 
September 4, 2023
 | Category: 
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Should You Have Long-Term Care Insurance?

When you’re young, buying long-term care insurance may seem unnecessary—and it generally is.

But, in 2021, according to the American Association for Long-Term Care Insurance, people who bought a long-term care policy at age 65 had a 50% chance of using it. Do you know how long-term care insurance could protect you?

How Long-Term Care Insurance Might Benefit You

Long-term care can include help at home, adult day care, nursing home care, assisted living and other arrangements.

Americans’ out-of-pocket costs for long-term care can be thousands per month and are likely to grow over the years. If you qualify for long-term care insurance, it can offset hefty daily care expenses up to the limit you choose when you purchase your policy.

Key Considerations for a Long-Term Care Policy

When shopping for long-term care insurance, you’ll find many coverage options with corresponding policy premiums.

Most long-term care policies limit how long they will provide benefits or how much they will pay. More generous policies cost more.

To keep up with growing costs, you may want to shop for a policy with benefits that increase as inflation rises. This feature will also cost extra.

If your policy barely fits your budget, future premium increases could cause you to reduce or drop your coverage.

When to Buy Long-Term Care Insurance

Your age and health at the time you apply affect how much you’ll pay for long-term care coverage. If you wait too long, or have serious health conditions, you may not qualify at all. AARP suggests that getting coverage between the ages of 55 and 65 may offer the best value.

If you or someone you know needs long-term care insurance, reach out for help weighing all your options.