Long-Term Care Insurance
Long-term care can involve ongoing assistance with everyday activities when an illness, disability, or age-related condition makes independent living difficult. At MB FINANCIAL & INSURANCE SERVICES, we help California individuals explore long-term care insurance options designed to help manage the potential financial costs of extended care.
What Is Long-Term Care Insurance?
Long-term care insurance is designed to help cover eligible expenses associated with ongoing care and assistance. Depending on your needs and policy, long-term care may be provided at home, in a community setting, assisted living facility, or nursing home.
Care may include assistance with everyday activities such as bathing, dressing, eating, or using the bathroom, as well as certain health-related services.
Long-term care can last for an extended period, and the associated costs can place a significant financial burden on individuals and families. Traditional health insurance and Medicare generally do not cover most long-term custodial care expenses.
How Long-Term Care Insurance Works
A long-term care insurance policy may provide a daily or monthly benefit when you meet the policy’s requirements for receiving long-term care. Coverage amounts, benefit periods, elimination periods, eligibility requirements, and covered services vary by policy.
Some policies provide benefits for a specified number of years, while others may provide benefits up to a maximum lifetime or dollar amount. Certain policies may also offer inflation protection to help benefits keep pace with potential increases in care costs.
Planning Ahead for Long-Term Care
Planning for long-term care before you need it can give you more opportunity to consider your coverage and financial options. Eligibility and premiums are generally influenced by factors such as age and health, and coverage may become more difficult to obtain after certain health conditions develop.
Long-term care insurance is not right for everyone, so it’s important to consider your financial resources, potential care needs, and the specific terms of any policy before purchasing.
Explore Your Long-Term Care Options
Planning ahead can help you better understand your options before long-term care is needed. Contact MB FINANCIAL & INSURANCE SERVICES to discuss long-term care insurance and available options in California.
Coverage, eligibility, benefits, premiums, exclusions, limitations, and renewal provisions vary by insurer and policy. This information is for general educational purposes and is not a substitute for reviewing the specific policy terms.