More Than A Number

Caring for people with chronic illnesses and disabilities can take its toll, both personally and financially. Beyond medical and nursing care, services such as assisted living services can be costly. Some health plans and Medicare do not cover long-term care expenses. That’s why there are long-term care policies.

What does long-term care insurance typically cover? Depending on the policy, it may cover in-home assistance with activities such as bathing, dressing, and eating; adult day care; assisted living services outside of the home; visiting nurses; and nursing home care.

But be prepared for high premiums. Long-term care insurance quotes will show you just how much you can expect to pay for these types of services. If you’re in good health and the cost of the insurance will lower your current standard of living—or if the premiums will become unaffordable if your current income declines—then it may not be a good idea. However, if you’re at risk for certain diseases and want to minimize your financial dependence on family members, then you might want to consider it seriously.

When you are trying to find the best insurance quote, take into account such factors as the waiting period (how long you must wait to begin receiving benefits), the benefit period (how long benefits will be available), whether the policy offers a daily or monthly benefit, and where coverage is provided (nursing home only, home only, or a mixture). It’s easy to receive a free insurance quote online; just remember to do your research to determine which level of coverage is right for you.