Is Long Term Care Insurance Required?

Long term care insurance is a unique insurance policy that is not generally required by any state or federal law, nor by any other entity. Instead, long term care insurance is an optional coverage available for those who need it. 

Even if you are in need of long term care, you are not required to carry this insurance. Without it, you will simply be responsible for all long term care expenses you may face. 

Who Needs Long Term Care Insurance? 

Long term care insurance is useful for those who needs help with the cost of care that comes with growing older, such as if Alzheimer’s or other debilitating diseases run in your family. This insurance helps with costs related to: 

• Home modifications for accommodating disabilities 
• Respite care 
• Adult daycares 
• Nursing homes 
• Hospice care 
• Alzheimer’s facilities 
• Some at home care
• Assisted living 

Some limited adult daycares and home services may be available under a Medicare plan, but it may not be enough to cover all of the expenses you can face. 

When looking for long term care insurance, be sure to speak with your loved ones and an insurance agent. Not many people have family members that are able to provide around the clock care that their older relatives may need. Long term care insurance helps you get the long term care you need without worrying about not being able to afford it. 

Even if long term care insurance isn’t technically required, it is an important coverage to have for those who may need extra care when they are older. 

How Long Does Long Term Care Insurance Provide Coverage? 

The length of time your long term care insurance covers varies depending on your insurer and your specific policy. While some long term care insurance policies last somewhere between two to five years or have specific caps on how much compensation they will pay, other policies will last for as long as the policyholder will live with high or no term limits. 

Be sure to speak with your insurance agent if you have any questions about what type of long term care insurance policy you may need or how high your limits should be. Everyone’s healthcare and long term care needs are different, so it is important to make sure that you have a policy tailored for you. When shopping for long term care insurance, compare quotes and coverages to make sure you are getting the best policy for the best price.