Why you should care about long-term care

DATE | 01/09/23
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Learn more about the who-what-where-why of long-term care insurance.

Who should care about long-term care?

Everyone! People are living longer lives. When you live a long life, the likelihood you’ll need long-term health care is increased. But younger people may also need long-term care due to an accident, illness, or injury, which can change your needs—sometimes suddenly. The best time to think about long-term care is before you need it.

What is long-term care?

Long-term care involves a variety of services designed to meet a person’s health or personal care needs. They help people live as independently and safely as possible when they can no longer perform everyday activities on their own. Care may be needed for a short or long period of time.

Where can I receive care?

Most long-term care is provided at home by unpaid family members and friends, but is also provided in facilities such as a nursing home or adult day care center. It can be provided in different places by different caregivers, and may also include services such as meals and transportation services.

Why should I have a long-term care plan?

Everyone has a long-term care plan. The question is, “Have I defined my long-term care plan?”

If you have not looked into the options available, then you are on the default plan. That means when something happens, you’ll have no choice but to spend down your own assets.

In contrast, having a defined plan keeps you in control of where you get your care and who provides it to you. It also allows you to protect and preserve the assets you’ve worked so hard for over the years. And with a Wisconsin Partnership plan, you have the added benefit of guaranteed asset protection.

How can I pay for long-term care insurance?

It may seem obvious, but many people don’t think about it clearly—one way or another, when you need care, it has to be paid for. Resources to pay for care include Medicare, Medicaid, health insurance, personal savings, and long-term care insurance (LTCi).

Medicare does not cover long-term care but may cover some costs of short-term care in a nursing home after a hospital stay. Medicaid requires you to spend down your assets to meet federal and state requirements to become eligible. Most health insurance policies do not cover most long-term care costs. And paying out of your own pocket risks depleting a lifetime of savings.

If you ever need any type of long-term care, LTCi may help cover the cost. One big advantage is that policies can be tailored to suit your personal situation. When deciding which coverage you’ll need, consider:

  • How much you can afford to contribute toward the expense of your care.
  • How long you might need long-term care services.
  • How much will time pass before you need to start receiving benefits from the policy.
  • Anticipated costs.

When should I consider purchasing insurance?

There is no “right” age to purchase LTCi, but most people typically start long-term care planning between the ages of 48 and 64. The younger you are, the less expensive it is—and the better chance you have of securing a preferred health rating for the life of the policy for an even lower rate.

It pays to speak to a long-term care insurance professional such as our partners at Associates of Clifton Park (AoCP). That’s because costs and discounts can vary among insurers, acceptable health conditions can vary, and covered care and long-term care policy benefits can vary. LTCi company ratings are also an important factor in your decision. AoCP has years of expertise and can help you make informed decisions about your LTCi options.

Request a quote or get more information

Call: 1-800-893-1621

Sources: National Institute of Aging, American Association for Long-Term Care Insurance, Associates of Clifton Park.