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What is Long-Term Care?
Long-term care insurance covers a wide range of services such as home care and adult day care to assisted living or nursing home facilities. You qualify for long-term care when a physician or other health professional certifies that you are unable to independently perform at least two daily functions, such as bathing, dressing and eating.
Do I really need long-term care insurance?
The types of things that are covered will depend on your policy but they typically include things that don’t fall under the umbrella of traditional health insurance or Medicare. Many of which fall into the category of custodial and personal care - not just medical care.
Weighing the Risks
While long-term care insurance can protect you and your loved ones from the financial fallout if you require extended care, there are some potential drawbacks. For instance, if you purchase more coverage than you need there’s no way to recoup the cost of the premiums. There’s also the possibility that your long-term care costs will extend well beyond your coverage limits, which shifts the financial burden back to you and your family members.
Then there’s the issue of rising premiums. The longer you wait to buy a policy, the higher your premiums tend to be, especially if you’ve already developed a serious health condition. In some cases, you may not be able to qualify at all if you’ve been diagnosed with certain illnesses, such as Alzheimer’s Disease or another progressive neurological condition.
by Wilson Group Financial
121 South Orange Avenue, Ste. 1500
Orlando, FL 32801
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