The holiday parties will be over soon. Decorations will be put away until next year. A new year filled with endless possibilities will be ahead of us.
The end of December is a great time to reflect on what you accomplished this year and how you can better prepare for the future. As you’re thinking about new resolutions for 2023, resolve to plan for long term care so you’re ready for whatever life may bring you.
Why Is Long Term Care Planning Important?
Just like you can’t buy fire insurance when your house is burning, waiting until the last minute to plan for long term care can have the same undesirable results.
Statistics tell us 70% of people age 65 and over will need long term care assistance at some point in their lifetime due to a physical or cognitive impairment. You may be familiar with this if you have elderly loved ones, friends, or neighbors who suffer from a disease, illness, or physical impairment due to old age or an accident.
"70% of people age 65 and over will need long term care assistance at some point in their lifetime due to a physical or cognitive impairment."
When you make a plan in advance, you can save yourself and your loved ones from the mental, emotional, physical, and financial toll a long term care event can put on families. You’ll feel more secure about your options and your family will too.
What Does Long Term Care Insurance Pay for?
Long Term Care Insurance (LCTI) is important to consider when planning for long term care. LTCI transfers your financial risk to an insurance company to make sure you get the care and services you need – when you need it.
After your deductible, LTCI can pay for home care services, assisted living housing and care services, dementia and Alzheimer’s care, and nursing home care.
In addition, you may receive coverage for home modifications to stay in your home longer and care support services from trained customer service professionals.
Am I Eligible for Long Term Care Insurance?
Buying Long Term Care insurance is based on your health. You must buy LTCI coverage before you need it.
Underwriting involves reviewing your current and past health conditions. Long term care carriers request access to your medical records and may request a phone health interview and/or a face-to-face interview in your home.
"Buying Long Term Care insurance is based on your health. You must buy LTCI coverage before you need it."
Certain health conditions or prescriptions may make you ineligible for coverage. An LTCI Specialist can review your health history with you to help decide if you’re eligible to apply for coverage. Or you can fill out our questionnaire.
How Can I Learn More About Long Term Care Planning?
If you’re curious to learn more about how to make a long term care plan, you’ve come to the right place. At LTC Consumer, we’ve helped thousands of people across the United States develop a long term care plan.
Ready to resolve to plan for long term care this year? Get started here.
LTC Consumer is an independent, free online service to help consumers understand what long term care insurance is, how it works, and how to evaluate coverage options. Our mission is to provide an educational, no-pressure resource for learning about long term care planning, with the opportunity to speak with specialists who can help them.