Where do you see yourself living out your elder years? With Kansas City residents’ lifespans lasting longer than ever, this is an important topic to consider. Some people may envision themselves entering into an assisted living facility or nursing home once they are no longer able to live on their own, while others may opt for in-home health care. No matter what option is chosen, it is an undeniable fact that such care can cost a lot of money.
One way to finance such care is through long-term care insurance. What is long-term care insurance? Long-term care insurance may cover services provided by a facility such as a nursing home or assisted living center, community organizations or in-home care. Policyholders are reimbursed for the daily costs of certain services, although there are limits to such reimbursement.
The costs of long-term care insurance can vary, but in general may be dependent on a number of factors. This includes the age the policyholder is when the insurance is purchased, how much the policy will reimburse the policyholder for, how many years the policy will cover and other optional benefits. An individual whose health is ailing or who is currently receiving long-term care may not be able to obtain such policies.
Care planning is important, and the earlier one plans their future care, the better. The costs of elder care can be significant, depending on a person’s needs. Long-term care insurance can provide policyholders with the security of knowing that they will be able to pay for the care they need.
Source: LongTermCare.gov, “What is Long-term Care Insurance?,” Accessed Nov. 15, 2015