Should seniors buy long-term care insurance?

It always pays to be smart about your finances. But when the economy gets shaky and inflation and higher interest rates rock the average consumer, it becomes even more important to make the right decisions. For seniors, many of whom are reliant upon retirement savings and Social Security, each financial decision takes on new weight. Older Americans don’t want to get stuck paying for a product or service that they can’t use and don’t need. At the same time, they should do their best to protect against any financial issues that could arise in the future. 

Fortunately, long-term care insurance can help. This unique type of insurance can go far beyond what’s offered with traditional health insurance. With it, seniors can get assistance with a wide range of daily tasks, from getting out of bed to bathing and more. This insurance type can help seniors pay for care they get from a variety of sources, including both in their home and outside of it at nursing homes, assisted living facilities and elsewhere.

Learn more about your long-term care insurance options here by getting a free price quote.

Should seniors buy long-term care insurance?

Here are three compelling reasons seniors may want to consider purchasing long-term care insurance.

Other insurance types may not be enough

While regular health insurance and Medicare are crucial to help pay for services seniors may need, they may not be enough. But long-term care insurance can suffice, providing some much-needed additional help. This can include, but is not necessarily limited to, daily tasks such as eating, dressing, getting in and out bed, bathing and more. In short: Daily activities required for simple living may not be possible for some older adults without assistance. However, long-term care insurance policies can provide these policyholders with the professional staff and support they need to help, letting them continue to live an active and healthy lifestyle.

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You have options

Depending on the long-term care provider, you may be able to use the benefits of this insurance type from the comfort of your own home. Some providers allow users to choose where they want to use their insurance, giving many the option of using it in a nursing home or assisted living facility or simply from the comfort of their own living room. 

If you’re a senior who anticipates staying in their own home then this could be a valuable way to get help while doing just that. Moving out of your home at any age can be stressful and disruptive, but arguably more so for seniors. Fortunately, with many long-term care options that doesn’t have to happen, allowing users to age gracefully and comfortably in their forever home.

You may be able to use family members

Again, each long-term care provider is different, and this may not be available with the specific one you want to use. But some long-term care providers will actually pay your family members to take care of you instead of the staff they have currently employed. 

For many seniors and older adults, this could be a beneficial alternative to spending days and nights with an unfamiliar face. If you go this route, however, make sure to read the fine print, as some providers may only allow for payments to licensed caregivers. Similarly, the reimbursement percentage may be smaller for relatives than it would be for staff directly associated with the provider.

Learn more about your long-term care insurance options here now.

The bottom line

While it may seem counterintuitive to pay for another insurance policy, long-term care insurance can make a lot of sense for many seniors and those who need the help that regular insurance policies simply can not provide. Long-term care insurance can adequately fill the gap left by regular health insurance and Medicare. But it also comes with options, depending on the provider and policy, allowing users to get care at home or in specialized locations. And policyholders may even be able to use their own family members as caretakers as some companies will pay for these relatives to provide care directly to the insured. 

Have more questions? Connect with an agent and learn more about long-term care insurance today.