Long-term care involves a variety of services designed to meet a person's health or personal care needs when they can no longer perform everyday activities on their own. Long-term care insurance is designed to provide financial assistance for individuals who require extended assistance with activities of daily living (ADLs) due to illness, injury, cognitive impairment, or the natural process of aging. The costs for long-term care are generally substantial, and standard medical insurance doesn’t cover it, which is why many people choose to apply for long-term care insurance.

Many people will need long-term care at some point. However, it can be difficult to predict how much or what type of care a person might need—this is why someone might look into long-term care insurance.

The need for long-term care can arise suddenly, such as after a heart attack or stroke. More often, however, the need for long-term care develops gradually. People require more care as they get older and frailer or as a serious, ongoing illness or health condition gets worse. While a variety of factors can go into when you might need to purchase long-term care insurance, the American Association for Long-Term Care Insurance says the best age to buy long-term care insurance is in your mid-50s.

The best time to think about long-term care is before you need it. Planning for the possibility of long-term care gives you and your family time to learn about the long-term care insurance and services available to you, what they cost and what disqualifies you from long-term care insurance. It also allows you to make important decisions while you are still able.

Begin by thinking about what would happen if you became seriously ill or disabled. Talk with your family, friends, and lawyer about who would provide care if you needed help for a long time and what kind of care you would want.

Then think about location. Most people prefer to stay in their own homes for as long as they can. However, living at home as you age requires careful consideration and planning. There may come a time when it's no longer safe or comfortable to live alone. Be realistic and plan to revisit the decision as your needs change over time.

While the cost of long-term care varies by facility and by where you live, it's safe to say the cost is considerable. Long-term care costs range from around $20,000 per year for adult day care to over $105,000 per year for a private room in a nursing home. This kind of expense can quickly deplete your nest egg, which is why long-term care insurance is such an important coverage to consider.

There are traditional long-term care policies, which provide coverage for a specific period of time and offer a set daily benefit amount. There are also hybrid policies that combine long-term care benefits with life insurance or annuities. Each type of long-term care insurance policy has its pros and cons, so it's important to carefully review your options and talk with a financial professional before making a decision.

Whether you should buy a long-term care insurance policy will depend on your age, health status, overall retirement goals, income, and assets. There are also a range of factors for what disqualifies you from long-term care insurance. If your only source of income is a Social Security benefit or supplemental security income (SSI), long-term care insurance might not be a good option for you, since you may not be able to afford the premium. On the other hand, if you have a lot of assets but don’t want to use them to pay for long-term care, you may want to buy a long-term care insurance policy.

When considering whether or not long-term care insurance might work for you, consider the following questions:

• What are my options for long-term care insurance?
  
• What kind of care does long-term care insurance cover?
  
• What kind of long-term care do I need?
  
• How much long-term care insurance do I need?
  
• When should I buy long-term care insurance?
• What disqualifies me from long-term care insurance?

While long-term care insurance can be a valuable resource for easing anxiety about the future and reducing the financial burden of long-term care, not everyone is eligible to obtain this coverage. It's important to understand what disqualifies you from long-term care insurance and determine if you might be impacted by any of them before seeking coverage.

Not every insurance provider will have the same criteria for what disqualifies people from long-term care insurance. When seeking out coverage, it’s important to do thorough research and consult with multiple companies before deciding. Thoroughly review the policy terms and conditions before applying for anything.

It can be helpful to work with a knowledgeable professional to find the best long-term care insurance option for your specific needs and circumstances. They can also help you thoroughly consider what disqualifies you from long-term care insurance and resolve any potential issues so you can get coverage when you need it.

Totus Wealth Management can help you plan and apply for long-term care insurance. Our comprehensive guidance considers the totality of your financial life so you can find the best option for you. We’re here to help you navigate the complexities of life so you can live the life you can imagine.