4 reasons why seniors should buy long-term care insurance

11:46 18.09.2023 - CBS News, Matt Richardson

Not every financial product and service currently available has intrinsic value. Just like any other product, financial ones need to be measured against the individual's needs, goals and budget. This may mean making some painful cuts in some places to make room for more important types elsewhere. Insurances, for example, can be both valuable and cost-effective. You just need to know which types are worth it and which are worth skipping.

For seniors and many older adults, this decision takes on added importance. With a limited budget often dependent on retirement savings and Social Security, it's crucial not to overspend. But it's equally as important to not leave yourself vulnerable and unprotected. Fortunately, long-term care insurance can help. This unique form of insurance, which helps seniors pay for services that their regular health insurance wouldn't fully cover, can go a long way to making their golden years safe and fulfilling.

In fact, there are multiple reasons why seniors should buy long-term care insurance, some of which may be less obvious than others. Learn more about your long-term care insurance options here by getting a free price quote.

4 reasons why seniors should buy long-term care insurance

Here are four great reasons why seniors should buy long-term care insurance now.

Your regular insurance may not be enough

Health insurance and Medicare can be sufficient for a wide array of services but it simply may not be enough. If you need a caretaker to help you bathe, get dressed, get in and out of bed or more, both of those coverage types are likely to come up short.

Long-term care insurance can fill the gap and help pay for additional services you may need. This can begin with daily visits from a healthcare professional but may ultimately morph into full-time care. Either way, long-term care insurance can help cover the bill you may otherwise have been stuck paying in full.

Answer a few easy questions to find the best long-term care insurance plan for you here now.

Long-term care costs are high

You may be financially secure currently, but if you think you'll need additional services in the future, it may be smart to act now. That's because long-term care costs are elevated and unlikely to get cheaper in the future. And moving into a facility that can provide this care could be out of your range without insurance to help.

"The median cost of assisted living facilities is $148 per day, which equates to $4,500 per month, or $54,000 per year-depending on your state of residence," reports. That could prove to be a price tag too high, even if your savings are robust at the moment.

Finances are tighter than usual

And, chances are, your finances are struggling a bit this year. With stubborn inflation making everything from gas to groceries more expensive, and indicators that it's not coming down any time soon, you may not be in the financial position you were just a few years ago.

Combined with interest rates that are making it significantly more expensive to borrow, it may make sense to have long-term care insurance to assist. Every little bit helps.

To protect your savings

Seniors have worked hard to build a nest egg to leave for their loved ones and beneficiaries. It makes sense, then, to do everything possible to keep this money intact for the next generation.

If you don't have long-term care insurance and find yourself needing the care a policy can provide, you very likely will have to tap into the money you planned to pass on to others. Granted, this may be a worst-case scenario, but it can very likely be avoided with a long-term care insurance plan instead.

Explore your long-term care insurance options here to learn more.

The bottom line

It may seem counterintuitive to pay another bill to avoid other ones in the future. But for many people, long-term care insurance can be well worth it. Simply crunch the numbers by comparing costs without a plan versus what it would cost with one to see how much you could save. And remember: your regular insurance may not be enough. And when stacked up against the rising costs of long-term care and the current state of the economy, a long-term care plan could go a long way by protecting you and your savings.

/ Monday, September 18, 2023, 11:46 AM /

Why seniors should get Medicare supplemental insurance now

With so many financial products and services on the market currently, it can be difficult to separate the worthy ones from the ones that just appear to be. While many people are familiar with the traditional insurance types like life, health and home, there are some others that may not be as well-known but are equally as valuable. Pet insurance, for many dog and cat owners, for example, is generally worth it. And for seniors and older adults, long-term care insurance can be beneficial.

Medicare supplemental insurance, which can help fill the gap left by Medicare Part A and Part B, can also be helpful for a wide swath of seniors. In fact, there are multiple compelling reasons why seniors should get Medicare supplemental insurance today. Start by viewing some top plans available to you here now.

Why seniors should get Medicare supplemental insurance now

Here are three reasons why seniors should strongly consider a Medical supplemental insurance plan now.

Medicare may not be enough

Health insurance and Medicare Parts A and B can be sufficient but far too often they're not enough to completely cover your care. In these cases you may wind up getting stuck with a bill to cover the gap left by these policies. But Medicare supplemental insurance can help cover the remaining balance. This can make up the difference users may have otherwise got stuck paying for items like deductibles, copays, coinsurance and more. So if you continually find yourself with bills leftover from your Medicare coverage then a supplemental plan could be worth it for you.

Get your free insurance quote here today. It will take you less than five minutes.

Finances are tighter than usual

Following months of cooling, inflation ticked up again in July and yet again in August. Chances are good that inflation is already hurting you at the gas pump and at the supermarket, thus reducing the amount of disposable income you may have normally had. Retirement savings and Social Security can only be stretched to a certain extent. So when a balance appears after all your insurance policies have been applied, it could be hard to cover. But a Medicare supplemental insurance plan can help, providing some much-needed relief in today's uneven economic climate.

It can provide peace of mind

Seniors and older adults are entitled to peace of mind and security. Unfortunately, that's not always possible, particularly when it comes to their health and the growing bills required to maintain it. The stress of not knowing which bills will be covered and which ones you'll get stuck paying, either partially or in full, can take its toll. But a Medicare supplemental insurance plan can go a long way by removing that uncertainty from the equation, giving seniors peace of mind by knowing that they have robust protections in place, even when their regular Medicare doesn't cover the full balance.

Learn more about your Medicare supplemental insurance options here now.

Explore your options

As mentioned above, it can be challenging to determine which insurance types are best for you. So take your time and explore all of your options. Get quotes from multiple providers and make sure you understand where your coverage starts and ends. And, for some seniors, it may also be worth exploring long-term care insurance. This insurance type can go a long way in covering expenses for caretakers, nursing homes and assisted living facilities that you likely would have had to pay out of pocket.

Learn more about long-term care insurance here.

What does long-term care insurance cover?

There are multiple insurance policies that Americans are familiar with. Because they're often legally mandated, or simply because they've had a prior experience submitting a claim, many adults understand the workings of various insurance types. This includes home insurance, which protects against damage to your house, but it also include auto insurance, which protects your vehicle and its passengers, and life insurance, which can offer some financial security for your loved ones following your death.

There are other insurance types, however, that aren't as well known but that can still prove to be valuable, particularly for older adults who may have a tighter budget. Medicare supplemental insurance, which can cover the gap in coverage left by Medicare, is one such type. Long-term care insurance is another. This unique insurance type can cover a wide array of needs for seniors and older adults. Accordingly, it's important to know exactly what's covered (and what isn't) in order to build the best policy for your needs.


What does long-term care insurance cover?

So what can users expect covered with a long-term care insurance plan? Specifically, long-term care insurance policies can cover the following:

Nursing homes
Specialty care facilities (for Alzheimer's patients, for example)
Assisted living facilities
Hospice care
Adult day service centers

But this insurance type isn't just limited to services and facilities outside your home. It can also provide coverage for inside it, too. Long-term care insurance typically covers:

Therapists (physical therapy, occupational therapy, speech and rehab)
Caretakers (which covers personal care ranging from dressing to bathing)

"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," reads an entry on "You can select a range of care options and benefits that allow you to get the services you need, where you need them."


Why seniors need long-term care insurance

There are multiple compelling reasons why seniors should consider long-term care insurance. Here are two major ones:

Your current protections may come up short

Your health insurance and Medicare protections may typically be sufficient. But if you need a nurse to help you at home, a therapist to help with your physical therapy, or even a caretaker, to help you complete some daily chores, those two insurance types often won't be able to cover you. In these instances (and more), long-term care insurance is worth securing.


You want to protect your savings

If you've worked hard to build up a nest egg to leave to your beneficiaries then you'll want to protect it. If you don't have long-term care insurance and need to pay for the care listed above, then you may have to access your savings to make ends meet. But with a plan, you'll be covered, protecting your money now and well into the future.

The bottom line

Long-term care insurance isn't for everyone. But it can provide specialized coverage for those who need it, ranging from care inside your home to assisted living facilities and nursing homes outside of it. This type of insurance may ultimately be necessary for those who need coverage that's not otherwise provided via regular insurance plans or Medicare. And, by getting a long-term care insurance plan now, users can better protect their savings from being used as an alternative funding source. ..... 

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