Long-Term Care Insurance
Long-term care insurance helps pay for extended personal care, whether at home, in assisted living or in a nursing facility. Standard health insurance and Medicare generally do not cover this kind of ongoing custodial care.
Policies pay when a benefit trigger is met, usually the inability to perform a set number of daily activities or a cognitive impairment. Benefits are typically capped as a daily or monthly amount with a total benefit pool.
Availability
Hire Best Pros is not connecting people with long-term care insurance professionals yet. This page is here as background reading while we work on it. Everything we do cover today is listed in our service directory.
What people usually need
- Planning for care in later years
- Protecting retirement savings from care costs
- Home care and assisted living coverage
- Hybrid life and long-term care policies
- Coordinating coverage between spouses
What to weigh before hiring
Inflation protection
Care costs generally rise over time. A benefit fixed today may cover much less by the time it is needed.
Premiums can change
Traditional policies are usually not guaranteed level, and insurers have raised rates on existing blocks in the past.
Buying age
Premiums are lower when purchased earlier, but that means paying for longer. Health at application also affects eligibility.
Common questions
- Does Medicare cover long-term care?
- Only limited skilled care after qualifying events. Ongoing custodial help with daily activities is generally not covered.
- What is a hybrid policy?
- A life insurance or annuity policy with a long-term care rider, so unused benefits pass to beneficiaries instead of being lost.