Long-Term Care Insurance FAQs

As you age, an essential part of your financial planning concerns your health and how you'll pay for medical expenses after retirement. Fortunately, long-term care insurance can help people cover the cost of long-term care services that aren't typically paid for by health insurance or Medicare. However, this coverage isn't the right option for everyone, and it's helpful to learn more about it before deciding on your policy.

A local independent insurance agent can help you find the right long-term care coverage when you're ready. They can ensure you get set up with an appropriate amount of coverage for your needs. But first, you can use our guide to some of the web's most frequently asked questions about long-term care insurance while researching your options.

Key Takeaways - Long-Term Care Insurance FAQs

Long-term care insurance is designed to cover various LTC services not paid for by health insurance or Medicare/Medicaid.
Long-term care insurance can pay for healthcare services provided by home health aides, nursing homes, and assisted living facilities.
The cost of LTC insurance can range from $70 to $533 per month, depending on your age, health, and other factors.
Working with an independent insurance agent is strongly recommended, as they can tailor a policy to meet your unique needs.

What Is Long-Term Care Insurance?

Long-term care (LTC) insurance is designed to cover various long-term care services that can help aging and ill people with daily activities such as eating, bathing, and dressing. These services can also include supervision for chronic disabilities and illnesses. You can use long-term care insurance to pay for services rendered at your home, nursing homes, or adult day care facilities.

Who Needs Long-Term Care Insurance?

Long-term care insurance is typically needed by aging adults and chronic illness patients. This coverage is often purchased by adults and seniors receiving in-home care, as well as by those residing in assisted living facilities or nursing homes. The ideal age range to buy LTC insurance is typically in your mid-50s.

Buying your policy earlier in life can help you save money on your premiums, since they're often determined by your age, health status, and coverage needs. An independent insurance agent can further advise you on when to buy long-term care insurance for seniors.

What Does Long-Term Care Insurance Cover?

Long-term care insurance can cover various LTC services, such as daily living assistance, skilled nursing, and home healthcare. The specifics of what a policy covers can vary by insurer and the coverage options selected. LTC benefits go into effect when you become unable to perform a certain number of daily living activities or you develop a serious cognitive impairment such as Alzheimer's disease.

What's Not Covered by Long-Term Care Insurance?

Long-term care insurance comes with various exclusions that are important to be aware of, such as home care for non-medical needs. Here are some other common LTC insurance coverage exclusions:

Acute medical care, like hospital stays and surgery
Medical treatments that are usually covered by health insurance
Pre-existing conditions, depending on your policy
Terminal illnesses
Government-provided services
Alcoholism or drug addiction
Self-inflicted injuries

Be sure to review the specifics of what your long-term care policy covers with the help of your independent insurance agent.

How Much Does Long-Term Care Insurance Cost Per Month?

The average cost of long-term care insurance ranges from $70 to $533 per month. However, long-term care insurance costs can vary considerably. Your policy's pricing can depend on a number of factors, such as your age, health, and plan benefit selections. To find out exact costs as they pertain to you and your specific needs, contact your local independent insurance agent.

Does Long-Term Care Insurance Cover Assisted Living?

In most cases, yes, long-term care insurance covers assisted living facility services. But, like any other insurance policy, coverage depends on the plan selections you make as the insured. Check with your independent insurance agent for the specific coverage included in your long-term care policy.

Who Sells Long-Term Care Insurance?

Many different insurance companies sell long-term care insurance. You can contact an insurance carrier directly or buy a policy online. A local independent insurance agent can also help you shop and compare policy options and premium rates, and provide you with several LTC insurance quotes. Independent insurance agents know which carriers have a great reputation for offering quality coverage and affordable prices.

Your agent can help you evaluate important details of each LTC policy, including its benefit period, elimination period, and daily benefit amount. They can also help you choose between standalone LTC insurance vs. hybrid life and LTC policies. Overall, your independent insurance agent can help you find the best long-term care policy and advise you on how to buy long-term care insurance that will meet your unique needs.

Can Someone with Parkinson's Get Long-Term Care Insurance?

Yes, many long-term care insurance plans offer coverage even if you already have Parkinson's disease. However, whether this coverage is included is dependent on the insurance company's underwriting process and risk tolerance. Work with your independent insurance agent to find an LTC policy that includes coverage for Parkinson's disease.

Does Long-Term Care Insurance Cover Alzheimer's?

Yes, most plans cover Alzheimer's facility expenses and care. However, you'll need to review each specific policy's coverage details to be certain. It's important to select Alzheimer's disease care as one of your long-term care benefit options when buying your policy.

Why Should I Buy Long-Term Care Insurance?

The main reason to buy long-term care insurance is to help pay for your long-term care expenses that aren't covered by health insurance or Medicare. This can help you keep your retirement savings rather than spending them on long-term care expenses as you age.

There are certain alternatives to long-term care insurance, such as Medicaid and Medicare. However, these coverages have limitations and may exclude expensive long-term care services. You can also choose to pay for your LTC services out of your own savings or look into life insurance riders with LTC benefits. An independent insurance agent can further advise you on all your long-term care planning options.

How Do I Qualify for Long-Term Care Benefits?

It depends on your insurer. Each insurance company has certain qualifications and underwriting guidelines that must be met to obtain a long-term care insurance policy. Contact an independent insurance agent to find long-term care policy benefit options you qualify for and to determine which plan is right for you.

How Do I Plan for Long-Term Care?

One of the best ways to go about long-term care planning is to be proactive. This often involves purchasing a long-term care insurance policy before you actually need the coverage. Buying a policy earlier in life can help you save on premium expenses and be prepared for medical costs if you need to rely on LTC services as you age.

Is Assisted Living Considered Long-Term Care?

Yes, most long-term care insurance policies include an option for assisted living care coverage. In this respect, assisted living is an LTC benefit and considered long-term care. Speak with your independent insurance agent for policy options that best suit your long-term care needs.

Does Long-Term Care Insurance Cover Home Healthcare?

Yes, most long-term care insurance policies include coverage for home healthcare. However, this coverage is only included in certain policies, so you'll need to ensure you choose an LTC plan that provides it.

Does Medicare Cover Long-Term Care?

Medicare typically does not cover most forms of long-term care, such as nursing home care, assisted living care, and more. Medicare will only cover short-term care and short-term assisted living care. That's why having long-term care insurance to cover these services can be critical.

How Do I File a Long-Term Care Insurance Claim?

You can file a long-term care insurance claim by contacting your insurance company. Some insurance companies allow you to file claims online, while others require a phone call. Your independent insurance agent can also file LTC insurance claims for you directly through your insurer. They'll help you gather any important documentation necessary to ensure an efficient resolution and keep you updated through every step of the claims process.

Can I Get Long-Term Care Insurance After Age 60?

Yes, you can get long-term care insurance after age 60. However, your premium rates might be more expensive than if you buy this coverage in your 50s. The younger you are and the better your health status is when you purchase your coverage, the lower your premiums are likely to be.

Is Long-Term Care Insurance Worth It?

The answer to this depends on your unique circumstances, in terms of both health and finances. If you're in good health, long-term care insurance may not make sense for you. Further, if you have plenty of savings already set aside and don't anticipate that long-term care would create financial strain, you also might not need this coverage.

However, long-term care insurance can be well worth it for many individuals as they age. Especially if you anticipate needing LTC services for health issues after retirement, having long-term care insurance can be essential. An independent insurance agent can further advise you on whether this coverage makes sense for you.

How Can an Independent Insurance Agent Help?

Independent insurance agents have access to multiple long-term care insurance companies, so they're free to shop and compare policy options and quotes for you to find the best deal. They'll make sure you walk away with a policy that includes all the coverage you need from a reputable carrier. And down the road, your agent can help you file LTC insurance claims and update your coverage when necessary.

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