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Should I Get Long-Term Care Insurance?

From health insurance to life insurance to disability insurance, it may seem as though there are an endless number of insurance options available. It can leave you questioning which ones you should opt into and which ones you should pass up.

The truth is, we can never know what life has in store for each one of us, and the more prepared we are for the future, the better. If you’re wondering whether to invest in long-term care insurance, we’ll break down for you how it all works, as well as another long-term care financial solution we have available here at the Mission at Agua Fria.

Importance of Long-Term Care Insurance

According to the US Department of Health and Human Services, more than two-thirds of Americans who live to be 65 and older will require some type of long-term care support. But by contrast, very few older adults have the long-term care insurance they need, which can lead to financial hardship or reliance on family members to provide this type of support. Preparing in advance for the level of care you may need in the future is one way to avoid this predicament.

What Exactly Is Long-Term Care Insurance?

Rather than medical care, long-term care refers to assistance with daily activities, such as bathing, dressing, eating, and going to the bathroom. It can also involve assistance with housework, pet care, shopping, and other basic personal needs. Long-term care insurance typically covers a portion of the cost for these services.

If you’re shopping around for long-term care insurance, it’s important to note that most policies have coverage limits. For instance, some policies will only cover your long-term care needs for two to five years. Other policies have no such limits, although those policies are few and far between.

You should also keep in mind that your insurance premium may increase over time. Before selecting a long-term care insurance policy, request the company’s premium rate history so you can get an idea of how much the premium may go up later on. It’s also a good idea to look at long-term care insurance policies with a trusted family member or financial advisor.

What If I Don’t Have It?

In some instances, you may not qualify for long-term care insurance. If you’ve already reached the stage where you require long-term care but you don’t have this type of insurance, there may be other long-term care financial solutions available to assist you.

For instance, Medicare and Medicaid may cover some long-term care if certain criteria are met. In Arizona, this type of coverage is provided through the Arizona Long-Term Care System (ALTCS, for short). You can look here for more information regarding this program.

At the Mission at Agua Fria Senior Living, we understand the importance of living out your final days in a comfortable, worry-free environment. If you want to learn more about the long-term care financial solutions available, simply give us a call. We’re here to help you in every way possible.