Have you ever thought about what will happen in the future? Oftentimes, as people get older, they can require a little bit of help with everyday tasks. Have you ever thought about who will assist you with these tasks? Who will help to take care of you if you need assistance? How will you pay for these services and this assistance?

Long-term care insurance can be used to cover a host of services that aren’t covered by regular health insurance. This includes assistance with routine daily activities, like bathing, dressing, or getting in and out of bed. Medicare only covers short nursing home stars or limited amounts of home health care when you require skilled nursing or rehab. It does not pay for custodial care, which includes supervision and helps with day-to-day tasks.

Most comprehensive policies today typically allow you to use your daily benefits in a variety of settings, including:

  • Your home
  • Adult daycare
  • Hospice care
  • Respite care
  • Assisted living facilities
  • Alzheimer’s special care facilities
  • Nursing homes

Studies show that 70% of individuals aged 65 years or older will use some form of long-term care, according to the U.S. Department of Health and Human Services.

If you don’t have insurance to cover long-term care, you will have to pay for it yourself. You can get help through Medicaid, the federal and state health insurance program for those with low incomes, but only after you have exhausted most of your savings.

Considering long-term care costs is an important part of any long-range financial plan, especially in your 50s and beyond. Waiting until you need the care to buy coverage is not an option. You won’t qualify for long-term care insurance if you already have a debilitating condition.

Whether long-term care insurance is the right choice depends on your situation and preferences.

The best way to determine if long-term care insurance is right for you or not is to discuss your options with an insurance expert. Here at Gannon Associates Insurance, we have experts who can work with you and help you to make the right choices. Give us a call today at 844-GANNONS!