What Is Long-Term Care Insurance & Who Needs It?

At any time, an injury or debilitating illness can make it impossible to care for yourself, requiring daily assistance for the rest of your life. As you age, you might also need to move into a retirement home to get around-the-clock service. While Medicaid covers many of these expenses, you and your spouse will have to deplete your assets before most benefits kick in, leaving you with nothing to pass on to your heirs. Long-term care insurance provides the protection you need, covering the cost of these vital services for as long as you need them.

What Long-Term Care Insurance Covers

Long-term care insurance pays for your in-home care if you’re incapacitated due to a chronic illness, a serious injury, or old age, as well as the rate of a nursing home. Moving into an assisted-care facility can be cost-prohibitive for many people, but these insurance policies cover the expense, which is especially beneficial if you wish to join a home that doesn’t accept Medicaid. They also include any daily supervision you need due to cognitive impairment, Alzheimer’s disease, or dementia.

Who Needs Long-Term Care?

At some point, 70% of people turning 65 will need long-term care, as well as millions of individuals under 65 incapacitated by serious illnesses or accidents every year. While many of them qualify for Medicaid, others who have significant assets may not want to spend the wealth they’ve accumulated on treatment rather than passing it on to their heirs. If you have investments, a savings account, or other assets you planned on leaving to your family, long-term care insurance lets you get the services you need while preserving your legacy.

The insurance professionals at Aines, Carter & Associates in La Grange, KY, specialize in helping their clients protect their health and the financial security of their families, with a wide range of policies to choose from. After taking stock of your needs and financial situation, they’ll carefully shop for the best insurance solution, ensuring you get the best deal at the lowest rates possible. Visit their website or Facebook page to learn more about their products and services, or call (855) 367-5614 to request a quote.