A person’s medical needs often become more complex as they age. If the need for long-term care arises, most people will struggle with the high cost. Long-term care insurance mitigates these costs, but many people misunderstand this coverage. The following information will help you make the best decision about your healthcare needs going forward.

Separating Fact From Fiction Regarding Long-Term Care Insurance

1. It Is Unnecessary

Even if you’re healthy now, your risk of developing a serious or chronic illness rises as you age. Studies find that 80% of older people have at least one chronic illness, such as diabetes or hypertension. These chronic illnesses can cause severe complications and often require hospitalization. 

2. Only Nursing Homes Are Covered

While long-term care coverage does help with costs related to nursing homes, you can also use it for other types of care. For example, this coverage can extend to the hiring of home health aides, including professional caregivers and nurses. It can also pay for adult day care services, which provide seniors and their families additional support. 

3. Medicare Pays for Long-Term Care

While Medicare does fund many essential health services, it does not usually cover long-term care. Medicaid covers a stay in nursing homes and other types of long-term care; however, only those with little to no assets and lower than average incomes will qualify. 

4. Your Family Will Help

Even when families want to care for aging loved ones themselves, they may not have the resources. Medical issues may be too complicated, or they might not have the time to spend with older family members that need constant care. Providing care to loved ones can also be extremely stressful, which can lead to caregiver burnout. 

Understanding your insurance options as you grow older is necessary. In Columbia, IL, the knowledgable and friendly agents at Taake Insurance Agency LTD will answer your questions about different coverage and how they suit your lifestyle. As a family-owned and -operated company, they care about their clients’ well-being. And because they’re an independent agency, they shop around to find a policy you can afford. Call (618) 281-7656 for a quote. Visit the website for more information about their coverage options.