How to Navigate Assisted Living and Long Term Care Insurance

Long term care insurance

It’s hard to imagine that you’ll ever need help taking care of yourself, but chances are, you will. Getting long-term care insurance is a good way to prepare for the inevitable. Whether you support or you’re against long-term care insurance, there are plenty of senior Americans who have chosen to protect themselves from potential financial disaster.

What Exactly is Long Term Care Insurance?

Long-term care insurance policies are designed to help people with chronic conditions or disabilities get the assistance they need to live independently. A long-term care insurance policy can help pay for the care that you or your loved one might need after suffering from a serious illness or disability.

Long term care insurance can cover the following:

  • Your home
  • An assisted living facility
  • An adult daycare center
  • A nursing home


Why Should You Buy Long-Term Care Insurance?

Did you know that almost 70% of Americans 65 and older will need long-term care support within the next five years? For women, this can mean around 3.7 years of care, while for men, it can be about 2.2 years. Buying a long-term care insurance policy can help with unforeseen expenses that may occur when transitioning from your loved ones’ home to an assisted living facility.

How You Shop for Long-Term Care Insurance?

Shopping for long-term care insurance may be a challenge. Before buying long-term care insurance, talk to a trusted financial adviser to see if it makes sense for you. It’s important to make sure that the coverage fits with your financial situation.

You can’t predict the future, but it’s important to start shopping for insurance as soon as possible. If you delay until retirement, you’ll most likely be turned down or face high premiums.


One big thing to think about is that you will also need to make sure that you’re qualified for long-term care insurance. Some policies may exclude people with pre-existing conditions such as cancer or Alzheimer’s. To wrap things up, you can shop around for various types of policies and carriers, and find out about the various features and costs of each one.

A financial planner can help you assess the impact of LTC insurance on your financial plan and estate. Before buying long-term care insurance, understand that it’s a long-term commitment. It’s not always possible to get payouts immediately, and it’s important to remember that your assets won’t be dissolved after you get sick.

At The Gardens on Quail, we’re here to help and point you in the right direction in terms of the type of care your loved one needs whether it be assisted living or the memory care option.