How To Go About Investing in Long-Term Care Insurance


Long-term care insurance is a policy that may help someone when they cannot care for themselves due to prolonged illness or disability. The policy is beneficial because it pays for nursing home and home health care, and assisted living services. The policies typically pay a fixed amount per day or visit to facilities or caregivers. At Malden Solutions, we recommend companies consider investing in long-term care insurance options for their employees. Many people are drawn to this appealing insurance option, especially if they are more prone to illness or are of an older age and want to cover all potential scenarios. Keep reading to learn more information about long-term care insurance and what it provides to those who have it.

How Is Long-Term Care Different from Medical Care? 

Long-term care insurance can be explicitly applied to long-term care. But what qualifies as long-term care instead of traditional medical care? Someone with a prolonged illness, disability, or cognitive impairment often requires long-term care to manage their condition. Long-term care services can help with daily activities, home health care, respite care, hospice care, nursing home care, and assisted living facility care. 

How Can You Pay for Long-Term Care? 

The cost of long-term care services is dependent on the amount and type of care you require and where you get it. However, people can pay for long-term care in numerous ways. These include personal resources, long-term care insurance, and Medicaid for qualifying individuals. Medicare supplement insurance and health insurance from work may not pay for long-term care. This is why specific long-term care insurance is best used to pay for some or all of your long-term care. 

Does Medicare Cover Long-Term Care? 

Not quite. Medicare may pay for some home health care and skilled nursing facility care after a hospital stay. However, it does not pay for nursing homes or longer-term home care.

Does Medicaid Cover Long-Term Care? 

Yes, but you must first qualify for Medicaid. Individuals can be eligible by meeting low-income and asset requirements.

Is Long-Term Care Insurance Right for You? 

Whether you must invest in long-term care insurance or not is a decision that depends on facts such as:

For example, if you have a large amount of assets but do not want to use them to pay for long-term care, you may wish to have a long-term care insurance policy. Many people select to purchase long-term care insurance because they don’t want to depend on government aid or the help of family members for their care services.

Are There Pre-Existing Condition Limitations? 

A long-term care insurance policy typically defines a pre-existing condition as one for which you have received medical treatment or had symptoms within a certain period for applying for a policy. Many companies will sell a policy to a person with a pre-existing condition. However, they may not pay benefits for long-term care related to that condition for a time after the policy goes into effect. The specific rules are unique to each long-term care insurance policy provider. 

If you are ready to learn more about long-term care insurance policies, contact Malden Solutions to discover what’s out there. We can help you determine if this policy is right for your business or yourself.

Find the Right Health Insurance Solutions for Your Needs

Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.

This entry was posted on Monday, May 6th, 2024 at 7:20 am. Both comments and pings are currently closed.