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What is Long Term Care Insurance?

What is Long Term Care Insurance?

Most people think about buying life insurance to help provide for their family if they were to pass away. It’s great to have life insurance protection because you never know what’s going to happen. But what if you require a nursing home or specialized long-term care? A private from in a nursing home can cost around $85,000 a year. For family members that are trying to care for a loved one, those expenses but serious financial strain on their budget, which can add tons of stress.

It’s common for someone to need some long term care at some point in their life. Luckily, there are several ways that you can protect yourself from these expensive bills that can wreck your bank account. One of the best ways is to purchase a long-term care insurance policy, but there is a lot of misinformation surrounding these policies. The majority of consumers don’t understand the policies and don’t know the advantages and disadvantages of them.

This article is going to look at long term care, how much these plans may cost, and help you determine if you should purchase one of these plans.

What is Long Term Care Insurance?

long term care insuranceLong-term care insurance is exactly what it sounds like. It’s an insurance policy that you purchase in case you ever need to have long-term care because of your health or an accident. These plans can offset the rising costs of specialty care that can easily drain a savings account.

There are several different factors that you should if you’re looking to purchase one of these policies. The first thing you need to know is all of the stipulations and situations that the policy will be effective. Each insurance company is different, and they all have varying requirements that you have to meet to receive the benefits from the plan. It’s vital that you understand all of the situations and requirements before you purchase the policy. Otherwise you could end up paying for your care out-of-pocket.

The typical long-term care insurance policy will cover several basic expenses that you could be faced with. Most plans will cover the costs of assisted living, home care, respite care, nursing home costs, and much more. Any of these long-term care centers or services could easily rack up thousands of dollars in expenses every year. There are several different factors that the insurance company will look at, like the reason for the care and how long the care will be needed.

The Benefits

There are some distinct advantages to having one of these plans for any household. They can help you afford to long-term care that you need. Without one of these policies, your loved ones could be stuck with thousands and thousands of dollars of debt and expenses every year.

If you ever need one of these policies, they can be a lifesaver. The problem is that most people don’t plan for some of the tragic situations that could pop up in the future.

In most cases, coverage is much more affordable than most applicants think it’s going to be. There are plenty of ways that you can get the most affordable long-term care insurance policy available. If you want one of these plans, they aren’t going to break your bank every month when you have to pay the premiums.

The Disadvantages

These policies can be an excellent insurance tool to protect your family against massive bills in the future, but there are some pitfalls to the plans. The obvious disadvantage is that you may never use the policy and all of the premiums would be wasted.

Another problem to be aware of is the different requirements and qualifications that you’ll have to meet before you can receive the payout from the policy. There are some policyholders that end up having to pay for their care because they didn’t meet one of the qualifications that the company puts on their policies.

How Much Does Long Term Care Insurance Cost?

There are several different factors that are going to impact how much you would pay for your long-term care insurance policy. Obviously, the company that you buy it from is going to play a huge role in the policy. Each company is different, and all of them are going to have different equations for calculating how much you’ll pay.

Another factor that is going to be used is how old you are when you buy the policy. The older that you are, the more that you’re going to pay for the policy.

Your health is also going to be an important factor in determining how much you’ll pay for the coverage. Just like with a life insurance policy, the insurance company is going to require a medical exam and for your results to go through the medical underwriting before they approve you for long-term care insurance.

Another important aspect that is going to impact the cost of the coverage is how inclusive the plan is. Some policies are all-inclusive and will give you more than enough resources to pay for your long-term care for decades, but those policies come with an expensive price tag.

Because there are so many factors that impact how much you’re going to pay for long-term insurance, it’s difficult to pin down how much you’ll pay for coverage, but there are some ball park figures that will give you an idea of how much you could pay. If you’re 55-years-old, depending on your health, you could pay anywhere from $1,300 – $2,500.

There are also a lot of insurance companies that will sell long-term insurance plans that give coverage for couples. If the couple is in their 60’s, they could pay around $3,000 every year for their long-term insurance plans. With some companies, you could spend a lot less, around $2,500.

One way to ensure that you’re getting the most affordable policy is to compare the rates from dozens of different companies. Just like with a life insurance policy, each company is different and they will all offer you different rates for their long-term care policy. It’s easy to see why comparing different companies is so important, it could save you thousands of dollars.

Every insurance company is different. Some companies offer long-term care riders with their life insurance plans while other policies have stand-alone plans. Not only do some plans have different coverage requirements, but every company is going to have different premiums for their plans. It’s important that you find a company that’s going to offer you the best rates for your plan.
The quickest and easiest way to find affordable long term care insurance is to use an independent insurance agent. Unlike a traditional agent that works with one single company, an independent broker works with dozens of highly rated companies across the nation. These independent agents can bring all of the best insurance rates and plans directly to you. They can save you both time and money on your insurance search.

Is Long Term Care Insurance Worth It?

This is one of the most common questions that we get regarding long-term care insurance plans. Everyone wants to know if these plans are worth the monthly premiums. There is no way to know if these policies are worth it for you, the answer in going to depending on your specific health and financial circumstances.

One of the questions you can ask yourself to determine if you need one of these policies is, “could I afford long-term care if I needed it?” This is one of the most important things that you need to look at. You don’t want to leave all of your loved ones with massive expenses. If you have the money saved up to pay for the long-term care and services, then you can skip purchasing one of these plans.


Long-term care insurance can be an excellent safety net for certain households, but these plans aren’t for everyone. As we mentioned, there are several different factors that you’ll need to consider to determine if they are beneficial to you.

Life insurance is one of the most important investments that you’ll ever make for your loved ones, but you should also consider some of the expenses that your family would be responsible for while you are still alive. We know that nobody wants to think about bad happening to them, but it’s important that you plan for the worst.

If you have any questions about long-term care insurance, burial insurance or final expense insurance we would be happy to answer those questions for you and ensure that you’re getting the best coverage possible for you and your loved ones. Our agents have years of experience working with all types of clients and companies across the country. We know which companies are going to offer you the best rates possible. We can help walk you through the process, decide which type of policies that you need, and help you find the lowest rates for those plans.

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