As we age, we naturally face new challenges that may require additional support. For some, this might mean moving to a senior living community. Long-term care insurance can offer a solution to assist with these costs. This post will cover the basics you need to know about long-term care insurance in Georgia.
3 Things To Know About Long Term Care Insurance in Georgia
1. Why Seniors Need Long-Term Care Insurance
Around 70% of people over 65 will need some help with long-term care at some point. Insurance can cover different types of support, from in-home healthcare services to stays at assisted living. And such needs can be expensive. For example, home care costs as much as $25K per year.
A long-term care policy gives you more options and resources to afford care. It ensures that you can keep your independence as much as possible. You can stay home with a caregiver or move into a senior living center. It may even cover nursing home care if it’s needed.
Some people who need long-term care aren’t necessarily ill. But they need a hand with things like bathing, getting dressed, eating, going to the bathroom, and moving around. Usually, once you need help with at least two of those daily tasks, the policy helps to cover the care costs.
2. Long-Term Care Options
With long-term care insurance, you can choose the type and amount of care you want—whether at home, in a facility, or a combination. Your age, health, and the plan you select determine the cost you pay. Typically, if you’re younger and in good health, your payments will be more affordable. That means it’s better to start long-term care planning early.
The benefit amount counts on two things:
- Where you’re getting long-term care (nursing facility or home/assisted living facility)
- The daily dollar coverage you’ve chosen.
3. Health Insurance and Long-Term Care
People must realize that most health insurance plans do not cover long-term care. That is even true for Medicare. You must buy a long-term care policy if you want long-term care coverage. In some cases, a life insurance policy may also cover long-term care. Some insurers now sell hybrid policies that have LTC coverage.
Seniors should also consider Georgia’s Long Term Care Partnership. This program is designed to help individuals afford long-term care while protecting their assets. It is a partnership between Georgia Medicaid and private insurers to encourage the purchase of long-term care insurance.
Long-term care insurance is a smart financial move for seniors in Georgia. It can ensure that you get the care you need as you age. Consult your financial planner or insurance agent for guidance if you want long-term care coverage. They can help you understand your options and select a policy.
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