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5 Facts You Should Know about Long-term Care Insurance

As humans, we are always urged to be prepared for the future. Be it attending an extra course or saving up for a future event, we feel strong when we are prepared for the imminent circumstances. We run through life non-stop, but what happens when we are slowed down, or worst not able to? Long-term care insurance provides the answer to this question since it can help you save a lot when it comes to long-term care. With California having the fastest growing age group of senior citizens, long-term care insurance in California is becoming a hot topic. Here are some facts that might help you to learn more about it.


1. Most think that they do not need long-term care insurance – but in reality they do

67.4% of all the new claims to long-term care insurance were started after the policyholder reached the age of 80.With the advancements in the medical industry,  life expectancy has also increased. 

When you live a long life, there is a greater possibility of getting sick, and you will be glad to have a backup plan like long-term care insurance. Also, statistics predict that 70% of all people above the age of 65 will require long-term care insurance at some part of their life. 

2. Long-term care insurance needs to started when you are healthy

Most people do not like to think about getting sick or needing help for daily activities, and they simply ignore the topic. But as they age, the reality sets in, and then they scramble to get long-term care insurance. 

But most people who try applying for long-term care insurance between 70 and 79 tend to get rejected. The premiums are also high when the insurance is started late. Thus, start one when you are healthy and have the confidence to get on with it.

3. Long-term care insurance might help you in different ways

While people imagine long-term care insurance, they usually picture nursing homes. This is because nursing homes are expensive, and thus it is projected first. But about 76% of people who receive long-term care insurance do not get it in nursing homes, instead of  in their homes or community-based settings.

Long-term care insurance is needed for people who require help to perform daily activities like eating, bathing, or dressing. Though it might not be comfortable to think about these circumstances, know that long-term care insurance can help receive care at a setting that you are comfortable with. 


Also Read: What is Long-term Care Insurance and Who Needs It?


4. Long-term care insurance can save your relation with your loved ones

Most people rely on their family members to take care of them at their old age. But providing care for a person who needs long-term care can be financially and emotionally stressful. This can create strain in the relationship in the long run. 

Long-term care insurance can provide you with quality care without the guilt of tying down your family members. This is especially beneficial for people whose children live far away or have stressful jobs. 

5. Medicare usually does not cover long-term care

People who have Medicare aid or even regular health insurance consider it enough. But these do not cover the long-term care if needed, and most stop at short periods up to 100 days in a facility. Thus long-term care can easily drain your lifetime savings even if you have Medicare or health insurance. 

Allied Brokers

Long-term care insurance is a sticky subject but one that needs acknowledgement. If you have any doubts regarding long-term care insurance in California, we are here to help. Give us a call at 1-888-505-7988 or check out our website at https://alliedbrokers.com/long-term-care-insurance.html

  • Jul 27, 2021

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