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Should you have long-term care?

As you get older, there are a growing number of things to consider. Along with writing a will and making sure your assets are protected in Ohio, you should also consider whether long-term care insurance is something you will benefit from.

According to the AARP, long-term care can help those who have conditions, such as disabilities or chronic illnesses, that need daily care over a long period of time. Assistance may come in the form of:

  • Eating
  • Bathing
  • Dressing
  • Skilled care from therapists or nurses
  • Adult day care
  • Home modification

Because these services are not covered by regular health insurance plans, more people are considering purchasing separate long-term care coverage. A number of factors should be considered when deciding if this type of insurance is a good idea. These include:

  • Your income - long-term care insurance can be pricey, so it may not make sense financially, especially if money is already tight
  • Your current health - premiums are more affordable if you are in good health
  • Your age - premiums are also typically more affordable if you begin paying them when you are younger
  • Existence of a support system - consider if you have family members who would be able to help in the event you have future health issues
  • Tax benefits - your premiums may be considered a tax deduction if you meet certain standards

If you are 65 years of age or older, keep in mind that Medicare does not cover long-term care services. However, they do cover some healthcare-related services such as qualified home health services, long-term hospital stays, Hospice care and skilled nursing care.

 

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