Long Term Care Insurance
Administered by Mutual of Omaha
Open enrollment October 26, 2021, through November 9, 2021.
Enrollment for long-term care is only available during specified open enrollment periods.
What is long-term care?
It’s a term used to describe services people need when they are unable to care for themselves. This can range from help at home with daily activities like meal preparation and housekeeping, to personal care services like bathing and dressing. Long-term care also is provided in assisted living facilities, which are home-like settings that offer safety and security, plus nursing homes that provide round-the-clock skilled nursing care.
What is long-term care planning important?
Long-term care is an important part of a personal financial plan. As we age, the likelihood of needing long-term care increases and the average cost of home care is $43,000 per year or more. Your health insurance, disability and Medicare do not cover most long-term care costs. Long-term care insurance is designed to protect your retirement savings from the cost of long-term care services if you need care in the future.
How does long-term care insurance work?
Long-term care insurance pays benefits for covered long-term care services when your doctor certifies you are unable to perform at least two of the six activities of daily living or you need continual supervision due to a severe cognitive impairment.
Long-term care will pay benefits for services you receive in:
- Your home
- An assisted living facility
- A nursing home
Why should I consider long-term care insurance now?
Even though you may be young and healthy, there are several good reasons to consider purchasing a long-term care insurance policy now:
- You’re never too young to need long-term care. Accidents and illnesses requiring long-term care services can strike people of any age
- It will never be more affordable. The cost for a long-term care insurance policy is based on your age when you buy your policy. That means every year you wait, the cost will go up.
- Your ability to qualify for long-term care insurance is based on your current health. If your health changes, you may not be able to purchase long-term care insurance at any price.
If you have any questions or for a one-on-one consultation, contact the Mutual of Omaha long-term care enrollment team at 888-548-4320.
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