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The Importance of Long Term Care Insurance

Financial & Legal Planning, Long Term Care | October 12, 2018

Even if you’re not quite at the age where you’re thinking about making the move to a senior community, it never hurts to start making plans for the future.  By age 65, you’ll have a 52% chance of needing some form of senior care, and with the median annual cost of a private room in a senior community reaching more than $92,000, it’s absolutely crucial to think about how you might pay for care if you need it.  Only about 8% of Americans currently own a long term care insurance policy. At American Senior Communities, we want you to be prepared for anything that comes up, so here is some information why you might consider a Long Term Care Insurance policy.

Quick Access to Senior Communities

Health problems can often come up without warning, leaving you and your family wondering how to afford the care you need.  Purchasing Long Term Care Insurance can take away the stress that comes from wondering about the unknown. When health issues like dementia or limited mobility come up, you want the flexibility to find a senior community right away.  With Long Term Care Insurance, you won’t have to wait; you can start looking for a good senior community immediately when issues begin to develop.

More Choice of Senior Communities

The annual costs of living in senior communities across the country can vary greatly from place to place, depending on the amenities and levels of care offered.  Ideally, you would want to live in a community that offers the level of care you need, that has the features you want and that allows you to stay close to friends and family.  With the right Long Term Care Insurance plan, you will have more options and won’t have to settle for anything less than the perfect place for you.

Medicare Does Not Cover All Senior Care Services

If you’re depending on Medicare to cover your Long Term Care expenses, you may be out of luck.  While Medicare may pay for some of the costs of living in a Skilled Nursing Facility, it will only do so if you meet certain criteria and only for a limited time.  If you require non-skilled assistance with your activities of daily living, you’ll find that Medicare does not cover these types of stay. When you consider these facts,  it may just make sense to invest in Long Term Care Insurance that can take care of you if Medicare won’t.

When you’re planning for your financial future, don’t forget to think about Long Term Care.  Today’s Long Term Care Insurance policies can cover you in situations where Medicare and other benefits won’t; plus they give you the flexibility to receive care quickly at the senior community of your choice.  Even if you don’t think you’ll need senior care in the future, it never hurts to think about what might be coming down the road.

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