As we age, the likelihood of needing assistance with everyday tasks increases. Whether it’s help with bathing, dressing, or moving around the house, long-term care can become a necessary part of life. That’s where long-term care insurance (LTC insurance) comes in — a specialized policy designed to help cover the cost of care that isn’t typically covered by health insurance or Medicare.
What Is Long-Term Care Insurance?
Long-term care insurance helps pay for services that assist individuals with activities of daily living (ADLs) such as:
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Bathing
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Eating
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Dressing
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Toileting
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Transferring (moving from bed to chair, etc.)
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Continence
Coverage can be used in a variety of settings, including:
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Your home
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Assisted living facilities
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Nursing homes
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Adult day care centers
Unlike traditional health insurance, LTC insurance focuses on non-medical care and custodial support, which are often necessary for older adults or individuals with chronic illnesses or disabilities.
Why You Might Need Long-Term Care Insurance
1. Health Insurance and Medicare Don’t Cover Long-Term Care
Many people mistakenly believe their health insurance or Medicare will pay for long-term care. In reality, these programs only cover short-term skilled care or rehabilitation — not ongoing support for daily living tasks.
2. Protect Your Savings and Assets
Without insurance, long-term care costs can quickly deplete your retirement savings. In 2024, the average cost of a private room in a nursing home is over $100,000 per year. LTC insurance helps safeguard your financial future by covering these potential expenses.
3. Maintain Independence and Choice
Having LTC insurance gives you more control over how and where you receive care. You may prefer to receive care at home rather than move into a facility — a preference that insurance can help support.
4. Reduce the Burden on Loved Ones
Family members often step in as caregivers, which can take an emotional and physical toll. LTC insurance can provide professional assistance, easing the pressure on your loved ones.
5. Affordable When Purchased Early
Premiums are generally lower when you purchase a policy in your 40s or 50s, and you’re more likely to be approved while you’re still in good health.
Final Thoughts
Long-term care insurance isn’t just about planning for the unexpected — it’s about preserving your independence, protecting your savings, and ensuring peace of mind for both you and your family. If you’re thinking about your future needs or helping a loved one prepare, now is a great time to explore your options.
Need help choosing the right long-term care insurance policy? Contact our team today to schedule a consultation and find a plan that fits your needs and budget.
Harbor Ridge Financial provides health insurance, Medicare Plans and life insurance in Clearwater and the surrounding Tampa Bay area.
For more information, visit our website, https://www.harborridgefinancial.com/
or call (727) 953-8200.