Long-Term Care Insurance – Do I Need It?

A Quick Guide from Your Friends at Wesley Enhanced Living

Among the different insurance policies available, a long-term care policy may rank right below health coverage. Many of us think that our medical insurance or Medicaid and Medicare will cover our long-term needs. Medicare includes portions of long-term care, but it is under specific circumstances and for no more than 100 days. It’s important to make smart decisions, early, so that you can enjoy the type of retirement you’ve always dreamed of. To start, understand the differences between traditional health care and long-term care insurance.

You want to be able to cover your expenses while keeping your assets safe if you experience a prolonged illness, disease or injury. Additionally, staying in a continuing care retirement community, like Wesley Enhanced Living, may provide many health-related benefits that aid in illness management. Our facilities offer the best care and provide many opportunities to meet new people in an environment where a healthy, active lifestyle is easy and fun.

Benefits of Long-Term Care Insurance

The best time to consider if you should purchase long-term care insurance is in your early to mid-50s. This type of coverage is designed to help take care of you with the support and services you need as you age or acquire a disability. Here are a few benefits you can enjoy:

  • Types of Care – You can enjoy custodial and personal care with this particular policy. You will not have to worry about getting help with routine activities, such as eating, dressing, and bathing.
  • Choice of Place for Care – With long-term care insurance, you can choose where you will age. For example, you may be able to receive care in your own home, a skilled nursing facility, or a CCRC like Wesley Enhanced Living.

How to Decide on Long-Term Insurance

When choosing a long-term insurance plan, you must consider the type of care you may need as you age. Start here:

  • Calculate your income now and how much you may be able to afford to pay in premiums for a long-term care policy.
  • Remember that premiums will vary and are determined by your age, the amount of daily benefit wanted, the length of the benefit period, and if home health care is an option.
  • Choose the right policy that provides benefits that grow annually with inflation.
  • Try to avoid buying a cheap policy that may leave you without coverage just when you need it most.
  • Decide to purchase this type of insurance while you are still young. It is less expensive when you are in your 50s and in good health, than if you try to buy it in your 70s.

Protect Your Golden Years with Long-Term Care Insurance 

Retirement can truly be the best time of your life. Ensure that you can enjoy it by planning ahead. Think about long-term care insurance and a move to a Wesley Enhanced Living community. We can help you choose the best living option to meet your needs, including independent living and personal care. Come by and see why our seniors love it here.

Wesley Enhanced Living provides high-quality senior retirement communities for you or your loved ones. Contact one of our Philadelphia area locations. Our staff is happy to discuss your elder’s needs or your own, give you a tour and inform you of our range of services.

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