With the yearly cost of nursing home care now averaging $96,000 (Financing Long-Term Care for the Elderly, Congressional Budget Office Report. April 2016), paying for long-term care can be financially devastating. We protect your assets by transferring the risk of financial burden to the insurance company. The Upside is knowing your best interests are our best interests.
What Is Long-Term Care Insurance?
Long-term care insurance covers services needed for long-term and permanent disability or medical conditions, such as dementia or paralysis, where a person may not be able to perform tasks like getting out of bed, dressing or bathing without the assistance of a nurse or caregiver. They may also need additional aid beyond medical treatment. Medical insurance typically does not cover this sort of support, but long-term care coverage does. Long-term care insurance covers nursing services at home, in adult day care facilities, in nursing homes, and in assisted living facilities.
Long-term care can quickly consume assets and savings if no insurance is available, and not all employees have the support systems needed to ensure someone is home to care for them if they become seriously ill or disabled. Insurance for long-term care services can cover nursing home, at-home assistance stays at specialized facilities, home modifications to make a home accessible, care coordination and other needed services.
When to Consider Long-Term Care Insurance
If you are an employer already offering medical and dental benefits, offering insurance covering long-term care services makes sense. It shows you care for your employees and helps you retain and attract the best talent. If your employees are injured or disabled, this coverage can help them get the care they need more easily. If you are already offering medical and dental benefits, the additional cost of long-term care insurance may be within in your budget — especially if your employees are still relatively young.
If you are an individual considering purchasing this coverage for yourself and wondering when you should buy long-term care insurance, seek coverage as soon as possible. Insurers consider many factors when setting premiums, including additional benefits you request, the number of days the insurance is to cover and your age. The younger you are when you seek this insurance, the more affordable the premiums will be.
The Upside of Long-Term Care Insurance
The Upside of Insurance is that it provides a safety net when you need it. The Upside of long-term care insurance is that it protects you when you are most vulnerable. Being seriously injured or ill and needing help with essential services is stressful enough, and you don’t want to have to worry about how to pay for critical nursing services. With long-term care insurance, you can get the support you need.
If you want long-term care coverage for your employees, don’t settle for cookie-cutter solutions. Your organization and employees deserve coverage that meets their needs and provides the most comprehensive policy. Gunn-Mowery works hard to evaluate your needs and considers the factors you may not have thought of, finding you the right coverage at a competitive price. We do the research and searching for you, bringing you insurance products from a variety of providers, so you can find long-term care coverage that can make a difference. To find out why more companies choose us to help insure their employees or to get a personal quote, contact us today.