Most people are aware of the importance of term life insurance in planning for their family’s financial future, but they don’t think about the cost of long-term health care; however, when individuals find they need the services of an assisted living facility or nursing home, the costs can be overwhelming. Before you turn to Texas insurance agents to purchase a policy, it’s important to find out if long-term health care insurance can pay for assisted living.
Why Long-Term Care Insurance?
In recent years, the number of individuals reaching retirement age has rapidly increased as the Baby Boomers reach their senior years. In addition to this factor, family sizes have become smaller, leading to aging seniors who don’t have much family to rely on for assistance. When there are fewer people to take on the responsibility of elder care, the chance of needing long-term health care services increases. Therefore, it’s important for individuals to consider their risk factors and determine if they should invest in this type of insurance or take a chance on receiving government assistance or finding ways to cover the costs, such as taking out a home equity loan or turning to family members and friends.
Can Life Insurance Help?
Many seniors already have term life insurance to help their families financially after they are gone; however, this type of insurance won’t provide benefits when the individual is still alive. This type of insurance is designed to help with funeral costs and provide financial security after a loved one dies, especially if that individual is still a major contributor to the family finances. Life insurance can still benefit seniors, but it won’t help with long-term care.
What about Assisted Living?
Assisted living facilities have grown in popularity to help seniors maintain an independent lifestyle without sacrificing their safety; however, these facilities often cost more than nursing homes and other forms of long-term health care. Unfortunately, coverage for assisted living isn’t always as cut and dried as other types of insurance. For instance, some policies will require you to meet criteria regarding activities of daily living, while others may ask for a physical evaluation to qualify you for benefits. In addition, some policies may only cover care at a licensed facility, not an unlicensed or in-home provider. Talking to Texas insurance agents will help you determine what your policy covers so you can choose the right options to secure your financial future. There are many types of long-term health care services you may require as you get older and it becomes more challenging to live on your own. In addition to term life insurance, you may want to evaluate buying a long-term care policy before you reach your senior years to give you the coverage you may need. Before you purchase any policy, it’s important to talk to your Texas insurance agent to determine what type of coverage will best fit your needs. If you need Texas insurance agents to guide you in choosing the right long-term health policy, contact us. Our Dallas, Texas, agents can help you make the best decisions to protect your future.