What is Long Term Care Insurance?
As the fees charged by assisted living facilities continue to increase and life expectancies remain high, the potential expense of staying at one of these facilities is something that many people must prepare for. Long term care insurance policies help Massachusetts residents prepare for the potential cost of staying at an assisted living facility or getting another form of ongoing care.
Long term care insurance is a specialized type of health coverage that specifically helps with various forms of ongoing care. Depending on a policy’s particular provisions, it may cover at-home care, occupational therapy, rehabilitation services, assisted living facilities and nursing homes.
Who in Massachusetts Needs LTC Insurance?
Most Massachusetts residents should consider the potential cost of an assisted living facility, for there’s a good possibility that many residents could end up spending their final years at this type of home. This doesn’t mean that everyone should purchase LTC Insurance, however.
In general, the people who benefit most from an LTC policy are those in the middle class. They tend to have some savings, but not so much that they can cover a prolonged stay in an assisted living facility. For these individuals, a policy can provide peace of mind that they’ll be well taken care of even if their health worsens — and receiving care won’t deplete their entire life’s savings. This latter consideration can be especially important when a spouse may also need those savings or those savings are intended to be an inheritance for children.
Residents who don’t have any savings and those who have a lot of savings may want to forgo this insurance. For the former group, the cost of premiums can be burdensome and that money might be better spent on other expenses that come with the senior years. For the latter group, insurance may be unnecessary if they’re wealthy enough to self-insure without jeopardizing all of their savings.
For more information on whether LTC insurance makes sense for them, residents can speak with an insurance agent who specializes in this type of coverage. A knowledgeable agent will know what coverage options are available and be able to help make an informed decision regarding policy selection.