4 times long-term care insurance is worth it

Have you thought about how you’ll cover the cost of care you may need later in life? If so, you may have considered long-term care insurance. This type of coverage can help pay for the long-term care that most people will need at some point after the age of 65.

But while long-term insurance can help cover the high cost of care, you’ll need to pay premiums in return for your coverage. And, depending on your age and health status, you could pay hundreds of dollars or more each year for a policy with $165,000 in coverage. 

Given the extra costs, you may be wondering whether long-term care insurance is worth it. Here are four times it is. 

Find out more about long-term care insurance coverage today. 

4 times long-term care insurance is worth it

Long-term care insurance premiums can be costly, but there are times when it’s worth the extra expense. These include: 

When you plan to age in place

Most long-term care insurance offers skilled nursing home or assisted living community benefits, but some policies will also offer coverage that allows you to age in place. For example, a long-term care insurance policy may include coverage for: 

Home health aides 

“Most long-term care policies include coverage of home care services,” says Larry Nisenson, CGO at Assured Allies. “This covers the cost of a private home care aid to support policyholders at home.” 

And some types of long-term care insurance policies — like cash benefit policies — may allow you to pay informal caregivers, like your children. 

Pre-claim wellness programs

Insurance providers are increasingly adding “pre-claim wellness programs designed to provide policyholders with support and resources to successfully age independently,” according to Nisenson. 

Home renovations

Certain policies may pay for accessibility-related renovations to your home, like a ramp to your front door or handles in your shower. 

Adult daycare

Some policies will pay for professional services, like adult daycare, should you need extra care during the day.  

Find out how long-term care insurance can benefit you now. 

When you’re on a budget

If you’re on a tight budget, it can make sense to consider a long-term care insurance policy as early as possible. While long-term care insurance can help you cover the future cost of care, the premiums are based on risk. 

As you get older, the higher the odds are that you’ll need long-term care, which leads to higher average costs for this type of coverage. So, if you’re on a budget, try to compare your coverage options as early as possible to keep the costs down. 

When you’re in good health 

Your health plays a significant role in your ability to qualify for long-term care insurance. In turn, it’s typically best to purchase a policy while you’re in good health. 

“I talk to families every week where today our health and life is great, the next day everything has changed and now the families are scrambling to adapt,” says Rhonda Bills, trainer at Certification for Long-Term Care. “The risks compound as we age and we lose our mobility and conditions appear to leave us limited and dependent.”

When you want to protect your estate

The cost of long-term care can pose a significant threat to your estate. After all, the cost of a private room in a nursing home averages over $100,000 per year. Paying out of pocket for those types of expenses could cut into the value of your estate, so a long-term care insurance policy can make sense as a protective measure for your finances. 

Learn how long-term care insurance can help protect your estate today. 

The bottom line

Long-term care insurance can help protect your estate and help you pay for the costs to age in place. However, it’s important to purchase your policy as soon as possible if you want to qualify for affordable coverage. Compare your long-term care insurance options now. 

Joshua Rodriguez

Joshua Rodriguez is a personal finance and investing writer with a passion for his craft. When he’s not working, he enjoys time with his wife, two kids, three dogs and 6 ducks.