For decades, Margolis & Associates has been providing insurance solutions to individuals and businesses right here in Nassau County, NY. As a trusted local insurance broker, we want to help you understand the basics of long-term care insurance from our long-term care insurance agency serving Nassau County and how it can benefit you or your loved ones.
What is Long-Term Care Insurance?
Long-term care insurance provides coverage for extended stays in a nursing home, assisted living facility, or even care at home. It helps pay for expenses not typically covered by regular health insurance or Medicare, such as help with activities of daily living like bathing, dressing, and eating. This type of insurance protects your assets and provides you with choices regarding your care.
Who Needs Long-Term Care Insurance?
Long-term care insurance is ideal for individuals who want to maintain their independence and protect their assets as they age. It can be beneficial for people starting in their 40s and 50s. The earlier you enroll, the lower your premiums will be over the long run. Those with a family history of conditions requiring extended care may want to strongly consider this type of insurance.
Types of Services Covered
Policies can cover various levels of care such as help with daily activities like bathing, dressing, and eating. Skilled care from nurses is also often included. Most plans cover care provided in a variety of settings whether at home, in an assisted living facility, or nursing home. Make sure to understand exactly what each policy you’re considering will cover in terms of room, board, and type of care.
How Much Does LTC Insurance Cost?
Long-term care insurance premiums are based on your age and health status when you first purchase a policy. Typical ranges can be anywhere from $1,000 to $4,000 per year, depending on the benefits selected. As you get older, premiums may increase, so locking in rates early in life generally provides greater savings.
Key Benefits of Having LTC Insurance
- Asset protection – Avoid draining or spending down all your assets to pay for care
- Choice of care – Select the specific facility and type of care you prefer, from home care to assisted living to nursing homes
- Spousal protection – Ensure your spouse can maintain their current lifestyle and is not forced to pay for your care
- Peace of mind – Know that the costs of the care you need will be covered
Common Myths and Misconceptions
Some common myths about long-term care insurance are that Medicare or health insurance will pay for extended care (they only cover limited stays) or that it’s too expensive for the average person. However, there are policies available with varying benefits and premium levels. Get the facts from a trusted broker so you can make an informed decision.
Alternatives to Traditional LTC Insurance
If traditional long-term care insurance isn’t feasible for your situation, alternatives like a life insurance policy with a long-term care rider may be available. This type of option gives you the death benefit, along with access to funds if long-term care is needed.
When Should You Buy Long-Term Care Insurance?
Ideally, you should purchase this type of insurance in your 40s or 50s for the most affordable premiums over your lifetime. However, it can still provide benefits if you buy at an older age, as rates are based on your health status at the time of purchase. Don’t wait until you actually need care, as it will be too late to enroll.
Call Us Today to Get a Quote
Here at Margolis & Associates, our long-term care insurance brokers and employee health insurance agencies serving Nassau County have the experience to walk you through the process of selecting coverage. We offer policies from highly rated-insurance carriers. Contact us today to discuss your needs or any questions you may have regarding long-term care insurance. We are here to help provide solutions so you can plan for the future.
