Long-Term Care

What Are Long-Term Care Insurance Policies?

Long-Term Care Insurance helps cover the costs of care that aren’t covered by health insurance, Medicare, or Medicaid. These policies reimburse policyholders a daily amount (up to a pre-selected limit) for services that assist with daily living activities such as bathing, dressing, or eating. You can select a range of care options and benefits that allow you to receive the services you need, where you need them—whether in your home, an assisted living facility, or a nursing home.

The cost of your policy is based on:

Your age at the time of purchase: Premiums are generally lower the younger you are.
The daily benefit limit: The maximum amount a policy will pay per day.
The duration of coverage: The total number of days or years that the policy will pay.
Lifetime maximum coverage: Determined by the daily limit multiplied by the number of days covered.
Optional benefits: Such as inflation protection to account for rising care costs over time.

If you are in poor health or already receiving long-term care services, you may not qualify for long-term care insurance, as most individual policies require medical underwriting. However, some group policies may not require underwriting, or you may be able to buy a limited amount of coverage at a higher “non-standard” rate.

What Does Long-Term Care Insurance Cover?

Long-Term Care Insurance typically covers a variety of services:

Home Care Services: Assistance with daily living activities such as cooking, cleaning, and personal care within your home.
Assisted Living Facilities: Residential facilities that provide help with daily activities while promoting some independence.
Nursing Home Care: Comprehensive medical and personal care for individuals requiring round-the-clock support.
Adult Day Care Services: Daytime care and supervision, allowing family members or caregivers to work or take breaks.
Respite Care: Temporary relief for caregivers, allowing them to rest while professionals provide care.
Memory Care: Specialized care for individuals with Alzheimer’s or dementia.

Why Do You Need Long-Term Care Insurance?

Long-term care services can be expensive, and without insurance, the cost could quickly deplete your savings. By investing in Long-Term Care Insurance, you protect your assets and ensure that you receive quality care in the future, while also sparing your loved ones from the financial burden. Whether you plan to receive care at home, in an assisted living facility, or in a nursing home, this insurance offers peace of mind that your needs will be met.

Limitations of Long-Term Care Insurance

Many long-term care insurance policies limit how long or how much they will pay:

Some policies will cover long-term care costs for a set period, typically two to five years.
Other policies may offer lifetime coverage, paying for care as long as you live—though these policies are rare and often come at a higher premium.
It's essential to understand the limits of your policy and what is covered to avoid unexpected expenses.

When Should You Consider Long-Term Care Insurance?

It’s recommended to start considering long-term care insurance in your 50s or early 60s when premiums are more affordable and qualifying for coverage is easier. Waiting too long may lead to higher premiums or denial of coverage due to health issues.

How to Choose the Right Long-Term Care Insurance Plan

Selecting the right plan involves evaluating your care needs, financial situation, and family circumstances. At Senior Elite Services, we work with you to create a customized plan that fits your needs, ensuring you're prepared for the future:

Coverage Amount: Consider the cost of care in your area and choose a policy that meets your anticipated needs.
Duration of Benefits: Decide whether you want coverage for a set number of years or a policy that offers lifetime benefits.
Inflation Protection: Choose a policy with inflation protection to cover the rising costs of long-term care.
Flexibility: Ensure your policy covers various care options, such as in-home care, assisted living, and nursing home care.

Frequently Asked Questions About Long-Term Care Insurance

What is the average cost of long-term care?
The cost depends on the type of care and location. On average, home care can cost $4,000–$5,000 per month, while nursing home care can range from $7,000–$10,000 per month.

Will Medicare or Medicaid cover long-term care?
Medicare covers short-term care but not long-term care. Medicaid provides long-term care coverage, but only for individuals with limited income and assets.

Can I use Long-Term Care Insurance for in-home care?
Yes, most Long-Term Care Insurance policies cover in-home care, allowing you to receive assistance with daily activities while staying in your home.

Can I get Long-Term Care Insurance if I have pre-existing conditions?
It depends on the insurer and the condition. Applying when you're younger and healthier increases your chances of approval and may lower premiums.

Why Choose Senior Elite Services for Your Long-Term Care Insurance?

At Senior Elite Services, we are committed to helping you secure your future with customized Long-Term Care Insurance plans. Our experienced agents guide you through the process of selecting the right policy, tailored to your financial situation, care needs, and lifestyle. We’re dedicated to offering personalized support, ensuring you make informed decisions about your long-term care. We service the following counties:

Benton County
Cheatham County
Davidson County
Dickson County
Hickman County
Houston County
Humphreys County
Lewis County
Maury County
Montgomery County
Perry County
Robertson County
Rutherford County
Stewart County
Williamson County

And we are licensed in the following states: TN, AL, AR, AZ, FL, GA, IA, IL, IN, KY, LA, MI, MO, MS, NC, SC, OH, TX.

Contact Us for Personalized Long-Term Care Insurance Advice

Planning for long-term care is a critical step in securing your future and protecting your loved ones. Call Senior Elite Services today at (615) 266-2603 to speak with a licensed agent and explore your options for Long-Term Care Insurance.

What are Long-Term Care insurance policies?

Long-term care insurance policies reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating. You can select a range of care options and benefits that allow you to get the services you need where you need them.

The cost of your long-term care policy is based on:

How old you are when you buy the policy
The maximum amount that a policy will pay per day
The maximum number of days (years) that a policy will pay
The maximum amount per day times the number of days determines the lifetime maximum amount that the policy will pay.
Any optional benefits you choose, such as benefits that increase with inflation

If you are in poor health or already receiving long-term care services, you may not qualify for long-term care insurance as most individual policies require medical underwriting. In some cases, you may be able to buy a limited amount of coverage or coverage at a higher “non-standard” rate. Some group policies do not require underwriting.

Limitations

Many long-term care insurance policies limit how long or how much they will pay. Some policies will pay your long-term care costs for two to five years, while other insurance companies offer policies that will deliver your long-term care costs for as long as you live—no matter how much it costs. But there are very few that have no such limits.

Call Senior Elite Services to speak to a licensed agent and schedule an appointment TODAY. (615) 266-2603