As your needs change, you might be exploring the possibility of moving into a living community and signing up for either a long-term insurance or life care plan. Unfortunately, since these terms are often used interchangeably, it isn’t always easy to narrow down what you need.

Here are three big differences between long-term insurance and life care, and how to decide which is best for you:

• Future Costs: One of the biggest differences between long-term insurance and life care plans is the potential for future costs. While long-term insurance has a specific price for the length of the agreement that is subject to change when it is time to renew, life care provides a set monthly rate people can count on—which makes it easy to plan for your financial future.
• Comprehensive Coverage: Long-term insurance is offered by insurance companies and is designed to cover itemized costs like assisted living facilities and mental health services. Life care plans, on the other hand, are offered by individual living communities and provide comprehensive coverage that changes over time. This means that when your health changes in the future, your plan will cover more, helping you to protect your quality of life.
• Quality of Care: Life care plans are designed to create a positive, protective level of coverage for residents, while long-term insurance plans can change significantly over time. Because life care is an elite service that is typically offered by high-end living communities, residents enjoy a wide range of other benefits, like more comfortable living accommodations, on-site activities, and free transportation.

For more information about planning your future living situation, turn to the professionals at Longhorn Village in Austin, TX. In addition to offering top-of-the-line medical care and private accommodations, this resort-style living community offers benefits like an on-site emergency response team, private balconies, and concierge services. For more information about their life care plans, explore their website or call (512) 266-5600 today.