Understanding Long Term Care Insurance
August 14, 2019
Long-term care is a necessity for the majority of older adults in the United States. Kenwood Care is a senior home in Maryland that offers affordable and high-quality care to aging residents. Sometimes, purchasing long-term care insurance can make senior living less of a financial burden.
What is Long Term Care (LTC) Insurance?
Most Americans buy insurance for our homes, vehicles, and medical needs. Unfortunately, it is rare that the latter, health insurance, covers the long-term care that many older adults need. Depending on what medical assistance you require, paying for a senior home in Howard County can be a difficult task. Long-term care insurance helps to make assisted living more affordable for those requiring it in Maryland.
What is the Cost of LTC Insurance?
Although it’s more complicated to determine the exact rates you will be eligible for regarding long-term care insurance, costs are typically based on your age and your medical history. As is with other types of insurance, the younger and healthier you are, the lower the cost of LTC insurance. Also factored into the cost will be:
- Daily Benefit
- Benefit Period
- Elimination Period
- Inflation Protection (optional)
Who Needs Long Term Care Insurance?
The U.S. Department of Health and Human Services (DHHS) reports that almost 70% of those over the age of 65 will require long-term care in their life. Building a solid financial plan is essential as we age, and planning for long-term care and the available insurance policies that enable people to afford the care is important, as standard health insurance and Medicare policies do not cover long-term care services.
Where Can I Get Maryland LTC Insurance?
The following are some of the many MD insurance companies that offer insurance for long-term care:
- MassMutual Financial Group
- Bankers Life & Casualty
- New York Life
- State Farm
- Genworth Financial
- Northwest Mutual
Superior Assisted Living Care in Maryland
Kenwood Care is a senior home in Howard County with convenient locations in Fulton, Laurel, and Columbia. Each of our locations feature 24-hour care, the best-in-state medical partners and specialists, and affordable rates for care. Contact us today to learn more about assisted living in Maryland.