When many people set up their personal financial safety net, they purchase a health plan and life insurance to stay protected against misfortune. However, some neglect long-term care insurance. Below, Taake Insurance Agency in Columbia, IL, explains what this coverage is and why it’s essential. 

What Is Long-Term Care Insurance?

This coverage is similar to a health plan except it is designed for long-term services and care that is both medical and personal. For instance, it covers custodial care—either at home or a facility—if you become disabled and require treatment and assistance with activities like bathing, dressing, and eating. Some policies pay for a period of two to five years, while others last for life. The cost of a policy depends on your age, the types of care options and benefits you select, and the length of time the care will last.

Why Is Long-Term Care Important?

As people age, they face countless conditions and situations that could leave them partially or fully disabled, including stroke, diabetes, heart disease, arthritis, and a car accident. Unfortunately, neither Medicare nor private health insurance covers many expenses people face after these situations, including getting dressed, feeding themselves, or using the restroom. Although most people don't anticipate becoming disabled, 69% of those over age 65 will develop disabilities and nearly 20% will accumulate more than $25,000 in out-of-pocket long-term costs. Unless you have made other preparations or purchased a long-term care policy, you could find your golden years extremely challenging.

With a bit of planning, some expert guidance, and a long-term care insurance policy, you can stay protected against financial hardship in the future. For invaluable advice on the subject, contact Taake Insurance Agency in Columbia. They also specialize in homeowners, business, and life insurance. Visit their website to request a quote or call (618) 281-7656 to speak to one of their agents.