Americans are living longer than ever, and as we age, we need different kinds of care. If you are unable to take care of yourself or a spouse, long-term care may be necessary. Regular health insurance doesn’t typically cover long-term care, and Medicare and Medicaid will cover some—but not all costs, and you may have to exhaust your personal savings before that coverage will kick in.
There are a variety of types of long-term care insurance.
While Medicare covers short stays in skilled nursing or rehabilitation centers, it does not cover long-term care. If you or a spouse needs custodial care (help with day-to-day tasks). These custodial care services include assistance with bathing, dressing, eating, toileting, transferring, and caring for incontinence. Without long-term care insurance, it will be up to you to cover those costs.
Most experts recommend waiting until age 60 to purchase LTC insurance, but don't recommend waiting too long as premiums can increase significantly the older you are. To qualify you should be in typically good health. Those who already need any kind of long-term care won't likely qualify. Those with Alzheimer's, or any other dementia, stroke, or cancer may not qualify either. Some annuities may cover these kinds of conditions, with provisions.
There are several factors that go into deciding the rates for LTC coverage. These include age, health, gender, marital status, and how the coverage was attained, i.e., Universal Life rider, Annuity rider, or a straight LTC policy. No matter what, we can help you decide which approach is best for you, because Team Rocket cares about your Long Term Care!