What You Should Know About Long-Term Care Insurance
Thinking about long-term care is not always easy, but planning for it can make a big difference for you and your family down the road. Long-term care includes support and services for people who have trouble with everyday tasks like bathing, dressing, or eating because of age, illness, or disability. This kind of care can take place at home, in assisted living, or in a nursing facility. While it’s not something we like to think about, having a plan in place gives you more control and protects your finances. At Rollo Insurance, we want to help you understand what long-term care insurance offers so you can make confident decisions about your future.
What Does Long-Term Care Mean?
Long-term care isn’t only nursing homes. It includes a range of services like:
- Help at home with daily activities such as bathing, dressing, eating, and moving around
- Assistance with housework, cooking, laundry, and managing bills
- Adult day care that offers social activities and supervision during the day
- Assisted living communities that provide housing, meals, and personal care
Nursing homes that provide medical and nursing care when more intensive help is needed
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Why Should You Consider Long-Term Care Insurance?
The cost of long-term care can add up quickly and use up your savings. Insurance helps protect what you’ve worked hard for and gives you more options. Here are some reasons it matters:
- Protect Your Savings: Long-term care costs can take a big chunk out of your retirement money. Insurance helps cover those expenses so you can hold on to your savings for other goals.
- Keep Your Independence: With insurance, you can decide what kind of care you want and where to get it. Without it, your choices might be limited by your budget.
- Support Your Family: Relying on loved ones for care can be a heavy burden. Insurance helps ease that pressure so family members can focus on being family, not just caregivers.
- Peace of Mind: Knowing you have a plan makes it easier to face the future with confidence.
- Medicaid Has Limits: Medicaid does cover some long-term care, but only if your income and assets are very low. Planning ahead means you won’t have to spend down your savings to qualify.
What Does Long-Term Care Insurance Cover?
Policies vary, but most help pay for care like home health assistance, assisted living, and nursing homes. Important things to check include:
- How much the policy will pay per day or month
- How long benefits will last
- The waiting period before benefits start
- Which types of care are covered
- Whether there is protection to keep up with inflation
- What qualifies you to receive benefits, usually needing help with certain daily tasks or memory loss
What Affects the Cost of Long-Term Care Insurance?
Your premium depends on a few key factors:
- Your age when you buy the policy (younger usually means lower rates)
- Your health status
- The benefit amount and how long it lasts
- The waiting period before benefits start
- Any extra options you add, like inflation protection
At Rollo Insurance, we say "The Difference Is Real." to encapsulate our dedication to our clients' well-being. Our focus is on securing reasonable premiums, providing comprehensive education on insurance coverage, and protecting our clients valued assets for life.
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A partner who you can call on today, tomorrow, and the rest of your life.
Plan Today for Tomorrow
Long-term care is something many people will face at some point. Having the right insurance in place can help protect your finances, keep your independence, and support your family. At Rollo Insurance, we are ready to help you understand your choices and find a plan that fits your needs and budget. It’s never too soon to start planning. Contact us today to learn more.
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