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Midland Park, East Rutherford, Ridgewood, & Ramsey Group Long Term CareLong term care refers to the many services beyond medical and nursing care used by people who have disabilities or chronic illnesses. Long term care insurance helps you pay for these services, which can be very expensive. A policy also ensures that you can make your own choices about what long term care services you receive, and where you receive them.
People are living longer and longer these days. That's good news, but the flipside of that is there are more years in which there's a risk of serious health problems. And that could literally cost all of your remaining life's savings. Unfortunately, ordinary health insurance policies and Medicare usually don't pay for long term care expenses. Medicaid, a federal/state health insurance program, will only pay for long term care if you've already spent most of your savings or other assets – so, there's long term care insurance.
Long term care insurance typically covers the cost of:
- Help in your home with daily activities like bathing, dressing, eating and cleaning
- Community programs, such as adult day care
- Assisted living services that are provided in a special residential setting other than your own home, including meals, health monitoring, and help with daily activities
- Visiting nurses
- Care in a nursing home
Many people don't think about long term care until they get into their 70s and 80s and their health begins to fail. At these ages, you may be too high a risk for an insurer to cover you; or if you do qualify, the premiums can be astronomical. In fact, some long term care policies have restrictions on age and health status.
The best time to buy long term care insurance may be your 40s or 50s. It's the time when you have the highest likelihood of being eligible for a policy and, just as important, when premiums costs might be lower.
Many insurance companies are now offering group long term care policies to both large businesses and businesses with just a few employees. A group policy may have the added advantage of relaxed underwriting guidelines, as well as more competitive costs. Group long term care coverage can be purchased on a discretionary basis and does not have to be offered to all employees, like group medical insurance does. Best of all, the premiums for group long term care may be deductible as a business expense.