But what happens in the case of an unexpected injury, illness or disability? Whether it’s a traumatic accident or a long-term illness, you may not be prepared for the cost of necessary daily care.
That’s why seniors may need a long-term care insurance policy to protect themselves and their loved ones from the financial stress that may come with experiencing a life-altering event. Medicare won’t cover the cost of a long-term stay in a nursing home and provides only limited coverage for daily in-home care.
A long-term care insurance policy can provide coverage for some types of daily care that are not covered expenses under Medicare or even under a private health insurance policy through an employer.
The best time to purchase a long-term care policy is now. That is, the younger and healthier you are, the easier and cheaper it will be. If you have a pre-existing condition, it could make it more difficult to be accepted for a long-term care insurance policy, or you may find that there will be a specific length of time that must pass before the policy will pay out for care related to that pre-existing condition.
Whether long-term care insurance is right for you also depends on your financial situation. Do you have assets that you wish to protect? What can you afford to pay for premiums? How much assistance can you expect from family members? These and other factors will help determine whether or not you need long-term care insurance and how much you need.
At Miller Insurance Management, we are dedicated to helping you choose the right insurance for your needs. Contact us for more information about long-term care insurance or any other questions you may have about insurance options for your retirement.
Call today at 801-637-4420