5 Things You Should Know About Long Term Care Insurance

by | Dec 14, 2021 | Long Term Insurance

As people live longer, there is a greater need for longer-term care. Long term health insurance is a consideration for many people, helping to offset the cost of increased health issues.

Consider the Costs

Choosing to add long term health insurance to build in protection for your estate is not always the most cost-effective option. Over time, long term care insurance costs have increased, which may cause it to be cost-prohibitive for some people.

To understand why long term life insurance or long term care insurance may be options to consider, the following statistics and information can be helpful.

  • Home care – over 49% of claims to long term care insurance companies are for home care services, not for nursing home care as many people assume.
  • Time in nursing homes – across the United States, just over 28% of all people eight-five or older living in nursing homes have been residents for at least three years.
  • Declined applications – 45% of people with current health issues that are over 70 years old or older are declined for coverage for long term care. These policies should be purchased before significant health issues are present.
  • Gender difference – over 65% of all long term care insurance claims are made by women. At the same time, more than 85% of women older than 85 live by themselves.
  • Alzheimer’s and stroke – Alzheimer’s disease is number the number one and stroke is the number two reason individuals make claims on insurance for nursing home or home health care.

For help to find the best long term care insurance for your needs, contact us at 623-777-3315.