Long-term care insurance is often a topic that most people don’t want to think or talk about, but it’s necessary. Here’s a story. Imagine a married couple who wasn’t always the best at managing their money. However, with persistence, they were still able to manage saving hundreds of thousands of dollars. Around retirement age, the husband becomes sick with a debilitating condition. The wife decides to hire a home care specialist to help take care of her husband, but as the condition worsens, he has to go to a nursing home. Sadly, the husband passes away after a few years. Now, in her 70’s, the wife has to work full-time. All of the couple’s hard-earned savings are gone. This story is not a fabrication or an exaggeration. This unfortunate circumstance happens more than people realize, and we want to prevent it from happening to you. In this blog, we’ll explain the ins and outs of long-term care insurance.
Long-Term Care Defined
Depending on how ill a person becomes, they may need help with their routine, which may include getting dressed, bathing, and other daily activities. Long-Term care provides people with those services, but it’s often costly. Most health and disability policies don’t cover long-term care. Fortunately, long-term care insurance does.
Long-Term Care Insurance and What it Covers
- Nursing home expenses
- Assisted living facility expenses
- Adult daycare services
- In-home services
- Home modifications (e.g., a stairlift)
- Care Coordination (when a health professional coordinates the management of an ill person’s health)
Each policy is different. To find the one that fits you and your loved one’s needs, make sure to speak to one of our expert insurance brokers.
The Need for Long-Term Care Insurance Explained
Long-term care insurance can help you feel secure and prepared for the future. If you or your spouse becomes ill, then special care will be affordable. Another benefit of this kind of policy is that you won’t have to leave your kids with the responsibility of paying for expensive services.
Another thing to note is that having long-term care works effectively when you already have an ample amount of money saved. Unlike the married couple, finding various financial avenues to prepare for retirement or an unexpected illness is always a sound decision. The idea is never to deplete a savings account.
Partner with Malden Solutions Today
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.