No one wants to think about needing long-term care, but the fact is that many of us will require some form of assistance as we age. Whether it helps with activities of daily living like bathing and dressing or more comprehensive skilled nursing care, long-term care can be costly. That’s why many people choose to purchase long-term care insurance (LTCI), which can help cover the cost of care. But before you buy a policy, there are a few things you need to know.
1. Medicare does Not cover long Term Care
Medicare, the federal health insurance program for people 65 and over, does not cover most long-term care services. There are a few limited exceptions, such as skilled nursing care after a hospital stay, but generally speaking, Medicare will not pay for the type of extended care that many people will need as they age.
2. Cost Varies
Just as with any insurance, long-term care insurance costs depend on several factors, including your age, health, and the benefits you select. This means that there is no one-size-fits-all policy or price. Be sure to do your research and get a quote from a reputable company before purchasing.
3. Savings and Assets May Be at Risk
When considering long-term care insurance, it’s important to understand that your savings and assets may be at risk if you don’t have a policy. The cost of care can quickly eat up your savings, and if you don’t have insurance, you may have to sell your home or other assets to pay for it.
Long-term care insurance can be a valuable tool to help cover the cost of care, but it’s important to understand how it works and what it covers before you purchase a policy. Pete Webb Agency in Fredericksburg, VA can help you find the right long-term care insurance for your needs and budget. Give us a call today to learn more.