Long-term Care Insurance: What Is It and Who Needs It?
Although many people have heard of long-term care insurance, they don’t really know what it is or if they need it. Long-term care insurance helps pay for custodial and non-medical care services for policyholders who cannot perform everyday activities on their own, such as bathing, dressing, eating, toileting and transferring (e.g., getting in and out of a bed or chair). Depending on the policy, it can also cover homemaker services, home health aides and even nursing home care. Detailed below is more about long-term care insurance and who may benefit from such coverage. 

What Is Long-term Care Insurance?  

Long-term care insurance helps pay for long-term care services, such as nursing home care, assisted living and in-home support. It can also cover other medical expenses resulting from an accident or illness that prohibits you from taking care of yourself or performing the activities of daily living such as bathing, dressing, eating and using the restroom. Long-term care insurance can also protect your finances from draining due to long-term care services as it provides monthly cash benefits and financial resources to help meet those costs.  a person sitting on a table

Who Needs Long-term Care Insurance? 

Long-term care insurance can help provide financial security to individuals, such as seniors or those with chronic health conditions. It helps offset the costs associated with long-term care needs, which may include home health aides, assisted living services, skilled nursing care and other vital support. The potential need for long-term care insurance increases as life expectancy increases and more people live longer with chronic conditions that require costly medical treatments. Government assistance is often insufficient in covering all necessary costs associated with long-term care needs. Ultimately, it’s best to assess your circumstances and speak with an insurance agent to determine whether this coverage is right for you. 

Learn More About Long-term Care Insurance 

Long-term care insurance is important to keep your financial and physical health in check. If you have any questions or want to learn more about long-term care insurance and what options may suit your situation best, contact Wilber Price Insurance. 

 
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.  

OTHER POSTS

By Wilber Price 17 Oct, 2023
Renters insurance isn’t always something people seek out. It seems like an expense you may not want to have. However, there are some key benefits to having this type of insurance in place. The most obvious reason is that your landlord’s insurance isn’t going to cover your own property in the event of a fire […]
By Wilber Price 04 Oct, 2023
One never wishes for a car accident, but even the best driver can get distracted or find themselves unable to avoid another person’s poor decision. Note some of the most common accident scenarios so if you are ever in a similar situation, you can remind yourself to stay alert and watch out for other drivers.  […]
01 Oct, 2023
There is nothing more heart-wrenching than seeing the resilience of young souls battling against the cruel grip of cancer. Even in the midst of this heartache, there's a beacon of light. In the face of childhood cancer, hope finds a home in the remarkable efforts of CancerFree Kids. At Wilber-Price Insurance, we're deeply inspired by their incredible effort as they strive to eradicate this devastating disease. Through groundbreaking research, compassionate support, and resources, they offer hope to the smallest fighters and their families, reminding us of the power of collective compassion and determination. We invite you to stand with us and support CancerFree Kids. For every friend or family member you refer to us for an insurance quote, we will donate $10 in your name to this extraordinary organization. Your referral not only secures the future for your loved ones but also contributes to CancerFree Kids' tireless mission, helping create a world where every child can dream, play, and grow without the shadow of cancer. Let's be the light that guides these young souls toward a brighter, cancer-free tomorrow.
By Wilber Price 15 Sep, 2023
Your family has finally arrived at the time in your lives where you have a teenage driver in the home. Your teen has passed the tests, logged their practice hours and is now ready to drive solo. While you may be ready to panic at the thought, comprehensive auto insurance coverage can set your mind […]
By Wilber Price 12 Sep, 2023
Homeownership comes with various responsibilities, and one of the most critical aspects is protecting your investment through insurance. Home insurance is designed to provide financial security in case of unforeseen events, but understanding the extent of your coverage is crucial. One common issue that homeowners may encounter is sewage backup.   What Is Sewage Backup?  Before […]
By Wilber Price 23 Aug, 2023
You might have heard that the best way to insure your household’s vehicles is to buy a multi-vehicle policy. This allows you the convenience of being able to insure every vehicle you own within a single plan, which does have its cost benefits. However, is this really the best choice for you?  Some vehicles are […]
By Wilber Price 23 Aug, 2023
With rapid medical advancements, people are living longer than ever before—often well into their 80s or 90s. However, as people age, some will need more care than others. About 40 percent of retired adults are likely to spend time in a nursing home, or make use of another form of assisted living.  It’s wonderful that […]
By Wilber Price 19 Jul, 2023
Buying a home for the first time is a very exciting step, but it can also be a confusing process. We’ve put together some information to help you plan each piece of the home-buying experience.  To-Do List before Home Hunting  Plan your budget: When figuring out how much you can feasibly spend on a house, […]
By Wilber Price 10 Jul, 2023
Agriculture provides a huge source of opportunity to farmers and their employees. If you plan on starting an enterprise, you will need the right resources and a lot of hard work. One important resource is insurance. Insurance can help protect your investment in case of an accident or natural disaster, but not all farm insurance […]
By Wilber Price 15 Jun, 2023
Perhaps you’ve put off the purchase of life insurance for some time now. You’re young and you don’t plan to be at risk of death anytime soon. Many people make the same decision, but that does not mean it’s the smartest decision to make. It is essentially risky to live without life insurance if you […]
Show More
Share by: