A Complete Guide to Long Term Care Insurance

It’s hard to imagine yourself turning so old that you need help from someone else for performing basic everyday tasks. But that’s what happens to everyone after a certain point. 

It is important to consider that when you hire someone to take care of you, you need to pay them. How will you manage to pay for such long-term care? This is where a long-term care insurance company comes in. You can get long-term care insurance to have a secure future. 

Let’s see what long-term care insurance is and why you should get one. 

What is Long-Term Care Insurance?

Long-term care insurance is offered to those who suffer from chronic illnesses such as Alzheimer’s. Through this insurance, you get reimbursed for the care you get in your old age. The care may be given at your home or a shelter. 

It’s a long-term financial program that you can get when you enter your 50’s. Applying for long-term care insurance when you’re already in need of help will disqualify you as a candidate. You should apply for it when you’re in your 50’s or 60’s. 

Difference Between Long-Term Care and Regular Health Insurance

There is a significant difference between long-term care insurance and regular health insurance. Regular health insurance doesn’t cover the cost of “taking care” of someone. At most, it only covers medical bills. But long-term care insurance covers the cost of custodial care. This cost includes the help you receive in everyday tasks. 

How Long-Term Care Insurance Works?

It’s easy to apply for long-term care insurance. You have to fill out an application form with all the details about your health. After you submit your application successfully, a long-term care insurance company representative might ask for some documents related to your health. You might have to go through an interview either on the phone or in person. 

When you apply for the insurance policy, you can choose the amount you have to pay per day and the total amount you’ll have to pay during your lifetime. 

After you approve of the policy, you can start paying the premiums. The activities that you can receive help in include:

  • Bathing
  • Eating
  • Getting up or sitting down on the toilet
  • Getting in or out of bed or chair
  • Dressing

You have to pay a certain amount of money before you can avail yourself of the insurance. Generally, you have to pay a specific amount for either 30, 60, or 90 days. After that, they can reimburse you when needed. 

There are some shared care policies for couples. If a couple buys a long-term care policy together, you can always benefit from your spouse’s share if your pool reaches its maximum limit. 

Factors Affecting the Cost of Long-Term Care Insurance

The amount of money you have to pay for long-term care insurance depends on multiple factors. Let’s look at the top factors that affect the cost of the insurance:


Ideally, a long-term care insurance company would recommend getting the insurance early in your 50’s. The older you get, the higher the amount you’ll have to pay to get reimbursed in time. 

Health Issues

If you suffer from more health issues, you’ll have to pay a higher sum. Your insurance company will decide the premiums you have to pay based on your medical history and current health condition. 


Gender plays a role in determining the amount you have to pay. Generally, women have to pay more than men because women live longer. Moreover, women are more likely to make insurance claims than men. 

Marital Status

Couples who get long-term care insurance together have to pay lower premiums than singles. Moreover, couples can benefit from each other’s insurance pools. 

Insurance Company

The long-term care insurance company you choose has a lot to do with the number of premiums you must pay. Make sure you compare quotes from different companies before you pick one. You might be able to get more value for your money with the right insurance company. 


You can choose the type of help you want to receive. If you opt for limited coverage, you’ll pay less. But for full coverage, the premium rate would obviously be higher. 

The Bottom Line

If you want to be cared for in your old days without becoming a burden on someone else, you should start planning for it today with long-term care insurance. 

Get in touch with the Center for Long-Term Care Planning by calling (561) 272-0720 or visit All Vest Associates, 1825 NW Corporate Blvd, Ste 110 Boca Raton, FL 33431 for more details. All Vest Associates offer is a leading long-term care insurance company.