Chris O'Shea
Long-term care isn’t necessarily a fun thing to think about — that’s why many people don’t. But it is necessary. The best way to prepare for medical needs when you’re older is to look into long-term care insurance. Here’s what you need to know.
What is Long-Term Care Insurance?
Long-term care insurance covers expenses that aren’t usually covered by regular health insurance. It’s something you’ll need if you have trouble with daily activities or develop a chronic disease or disability later in life. This policy covers things like bathing, getting dressed, and more.
Who is Long-Term Care Insurance For?
Think you won’t need long-term care insurance? Think again. According to one report, about 70 percent of 65 five-year-olds will need some type of long-term medical care during their lives.
Prepare Early
The one thing you don’t want to do is wait to buy long-term care insurance. If you’re in your 50s or older, it’s a good idea to begin looking for a policy. If you put it off, there’s a higher likelihood of developing a chronic illness as you age, making a policy cost-prohibitive.
How it Works
When you buy long-term care insurance, you’ll apply online or through an agent and fill out a medical form. The insurance company will consider your age, your health, your marital status, and more. Make sure you shop around for the best deal before making a final decision.
Do One Thing: Consider purchasing long-term care insurance to help with medical costs when you’re older.
