Long-Term Care Insurance
Long-Term Care Insurance Information
Long-term care insurance is designed to help provide you with financial protection if you ever require assistance with daily activities due to aging, chronic illness or disability. It can help cover care services that may not be included in your traditional health insurance or Medicare, ensuring you receive quality care and maintain financial security during your later years.
Contact Slyman Insurance Group in Gahanna, Ohio, to explore your long-term care insurance options.
What Is Long-term Care Insurance and Who Needs It?
Long-term care insurance can help cover the costs of extended care services, such as assistance with activities of daily living (ADLs) like bathing, dressing, eating, toileting and transferring. It may also provide care coverage required due to cognitive impairments like Alzheimer's disease.
Long-term care insurance becomes particularly important if you don't have significant financial resources to cover long-term care expenses out-of-pocket. Consider this coverage if you have a family history of chronic illnesses or want to protect your assets and not burden your loved ones with caregiving costs.
How Much Long-term Care Insurance Do You Need?
Determining the right amount depends on several factors, including the following:
- Care costs in your area—Costs can vary significantly based on your location.
- Your financial resources—Assess your savings, investments and retirement funds to understand how much you can afford to pay out-of-pocket for long-term care.
- Family support—Consider the availability and willingness of family members to provide care. Long-term care insurance can also ease the financial burden on family caregivers.
How Does Long-term Care Insurance Work?
Long-term care insurance may provide coverage once you become unable to perform two or more ADLs independently or are diagnosed with cognitive impairment. The insurance policy usually has a waiting period, known as the "elimination period," during which you would be responsible for covering your care expenses.
Depending on the policy's terms and your care needs, you may receive covered services at your home, an assisted living facility or a nursing home. Long-term care insurance pays up to the policy's daily or monthly maximum amount and for the duration specified in the policy.
Review the policy carefully to understand the covered services, benefit limits and any additional features, such as inflation protection to account for rising care costs over time.
What Does Long-term Care Insurance Cover?
Typical services covered by long-term care insurance may include the following:
- In-home care—Assistance with ADLs provided by home health aides or skilled nursing care in the comfort of your home
- Assisted living facilities—Coverage for care received in assisted living communities that offer support services while promoting independence
- Nursing home care—Full-time skilled nursing care for individuals with complex medical needs
- Adult day care—Daytime care and supervision in a group setting, allowing family caregivers to work or take a break
- Memory care—Specialized care for individuals with dementia
Contact Slyman Insurance Group today to compare personalized long-term care insurance quotes.