Who Needs Long-Term Care Insurance?

People who plan for their retirement and people who may find themselves in need of assistance with the Activities of Daily Living (ADL) or Instrumental Activities of Daily Living (IADL) will need long term care insurance.

The activities of daily living are personal care activities, such as bathing, feeding yourself, and using the restroom unassisted. If you need help with a few or more of these activities, you would be a good candidate for long term care insurance. 

The instrumental activities of daily living are considered homemaker activities, such as managing your finances, managing your household, going shopping, taking care of your pets, and more. A home health aide can help perform these services for you in old age.

Good Candidates for Long Term Care Insurance

The people who need long term care insurance are those who will likely require long term care services during their lifetime. This would include people with limited mobility, those with disabilities or chronic illnesses, and people who live alone or do not have family and friends to serve as caretakers.

To assess whether you may need long term care, think of your living situation. Do you have kids who can take care of you? Do you live alone? Do you have a disability or chronic illness? Do you have mobility issues that may make it difficult to take care of yourself? Is your home safe and accessible for someone with limited mobility? 

All of these questions will help you think about your likelihood of needing help as you age, whether from a home health aide, homemaker services, or living in a community or assisted living facility or nursing home.

Why Purchase Long Term Care Insurance?

The average monthly costs for long term care in Texas in 2020 were as follows. In-home care with help from homemaker services or a home health aide cost $4,195. Adult day care cost $698 each month, and care in an assisted living facility cost $3,998. In a nursing home, a semi-private room cost $5,019 and a private room cost $6,388.

Medicare does not cover long term care, so you are left to pay for these services with only the help of your Social Security benefits, your savings, assets you can liquify, and any retirement accounts you have invested in.

How Much Does Long Term Care Insurance Cover?

Long term care insurance pays you a daily sum to help cover expenses associated with your long term care. You do not have to be living in an assisted living facility or nursing home to use your benefits. Coverage is comprehensive and includes care in your home, adult day service centers, hospice care, respite care, assisted living facilities, Alzheimer’s special care facilities, and nursing homes. Services in your home can include skilled nursing care; occupational, speech, physical, and rehabilitation therapy; personal care (ADL); and homemaker care (IADL).

Get Help Paying for Long Term Care

While long term care can be shockingly expensive, you can purchase long term care insurance now to help prepare for the costs. You won’t have to leave your home to access the care you need. Speak with a representative from Texas Medicare Advisors to learn more about our long term care insurance offerings.