More than 25% of Mississippi’s population will be age 60 or older by the year 2030, and many of them will require some form of healthcare. With the cost of medical treatments on the rise, affordable long-term care is becoming more important than ever. Fortunately a Mississippi independent insurance agent can help you get set up with the right long-term care insurance to help you prepare for the future. But first, here’s a closer look at this important coverage.

What Is Long-Term Care Insurance?

Basically a different angle of life insurance, long-term care insurance is a type of policy designed to help you prepare for the financial side of assisted living services and other medical fees when you get older. Of course, you might not end up needing this coverage if you remain in good health as you age, so unless you’re already in poor health, it’s more of a “just in case” method of preparation. Setting money aside while you’re young and healthy can make a huge difference.

No one wants to think about the possibility of their health declining in the future or one day needing extra medical care, but if it does happen, having a financial cushion in place can at least help to soften the blow. Having to pay out of pocket for increased medical costs after retirement can be extremely stressful, especially if you haven’t planned for it in advance. Long-term care insurance aims to help make this phase of life easier for the elderly.

What Does Long-Term Care Insurance Cover in Mississippi?

It covers pretty much all forms of long-term care that may be necessary in old age or following a particularly harsh health diagnosis. Long-term care insurance in Mississippi is set up to help if you outlive the money you’ve saved up or find that maintaining your self-care becomes more expensive in your advanced years. You can use your benefit payout to help with all kinds of medical costs, including treatment services, medication, and more.

Long-term care insurance benefits can help provide coverage for costs associated with the following:

• Nursing homes
• Assisted living facilities
• Extended hospital stays
• Recurring doctors’ visits
• Multiple surgeries
• Testing and diagnosis processes
• Prescription medications
• Physical therapy or other rehabilitation following surgery
• Chemotherapy and radiation treatments
• Fees associated with treating and recovering from long-term illnesses like stroke, dementia, or Alzheimer’s disease

It’s often said that life gets more expensive as you age. Unfortunately this is often the case, especially if increased medical care is required. Luckily, those who plan ahead by purchasing a long-term care insurance policy can seriously help themselves with potential extra costs in their golden years.

What Does Long-Term Care Insurance Not Cover in Mississippi?

While long-term care insurance provides lots of helpful coverage for residents in Mississippi, it doesn’t cover just anything. Like any other kind of policy, long-term care coverage comes with its own set of exclusions. While exclusions will vary by the specific policy, here are a handful of common ones to watch out for when shopping for coverage:

• Certain forms of heart disease
• Certain forms of diabetes
• Certain forms of cancer
• Alcohol or drug abuse and related disorders
• Mental or nervous disorders (other than dementia or Alzheimer’s)
• Injury/illness sustained through military service
• Medical treatments in government facilities

Many long-term care policies also come with temporary exclusions for preexisting conditions, which is often a period of six months but may be longer. If you have a preexisting condition or one of the above listed conditions and are concerned about not having adequate coverage, work with a Mississippi independent insurance agent to be sure you get set up with the right policy for your unique needs.

What Are the Benefits of Long-Term Care Insurance in Mississippi?

The main benefit of purchasing long-term care insurance in Mississippi is to help pay for long-term medical costs once you’ve retired, because Medicare won’t pay for everything. But really, there are a handful of reasons that might inspire you to look into long-term care insurance.

Long-term care policies in Mississippi offer the following benefits:

• Avoiding the creation of a financial burden on your kids when you’re older by asking for their help with medical payments.
• Covering living expenses and increased medical costs even if you won’t have enough set aside in savings after retirement.
• Providing financial assistance with medical costs in the event you don’t qualify for Medicaid.

In addition, the costs of nursing homes, assisted living facilities, and other long-term treatments can be staggering, which makes having long-term care coverage all the more beneficial.

Here are just a few examples of average expenses for Mississippi seniors requiring long-term care:

• The national median cost of assisted living is $4,000/month, or $48,000/year.
• On average, a private room in a nursing home costs about $8,365/month, or $100,380/year.
• Home health aides typically charge $20.50/hour for their services. Seniors often spend $50,668/year on home health aides.
• The average daily cost of adult day health care centers is $68.
• The average cost of cancer treatment is around $150,000 in total.
• Additional treatment for Alzheimer’s disease can increase assisted living center costs by as much as $1,000/month.

Though more than half of surveyed American adults plan to rely on Medicare for their medical costs if necessary, sadly Medicare typically doesn’t cover assisted living expenses. It’s important to keep this in mind when deciding if you should invest in a long-term care insurance policy, as well as the high costs of other long-term medical treatments and services in Mississippi.

How Much Does Long-Term Care Insurance Cost in Mississippi?

Several factors influence the cost of long-term health insurance, including where you live. The cost of treatment and service rates in your area also influences insurance premiums. Here’s a quick look at a handful of average long-term care costs in Mississippi:

• Home health aide daily rates: $107
• Nursing home care daily rates: $209 for a semi-private room, $217 for a private room
• Assisted living facility monthly rates: $3,200 for a private room

Mississippi Long-Term Care Costs in 2019 (Annual)

The cost of long-term care insurance depends on several factors. The national average for singles aged 55 is $2,007/year, while married 55-year-olds pay an annual combined average of $2,466. Here are some average long-term insurance rates for Mississippi’s capital, Jackson.

Average costs of long-term care insurance for Jackson, Mississippi:

• Single male, age 45: $73/monthly for a benefit amount of $2,500, $103/monthly for a benefit amount of $3,500, or $132/monthly for a benefit amount of $4,500.
• Single female, age 45: $116/monthly for a benefit amount of $2,500, $163/monthly for a benefit amount of $3,500, or $209/monthly for a benefit amount of $4,500.
• Single male, age 60: $104/monthly for a benefit amount of $2,500, $146/monthly for a benefit amount of $3,500, or $187/monthly for a benefit amount of $4,500.
• Single female, age 60: $170/monthly for a benefit amount of $2,500, $238/monthly for a benefit amount of $3,500, or $306/monthly for a benefit amount of $4,500.
• Single male, age 75: $223/monthly for a benefit amount of $2,500, $313/monthly for a benefit amount of $3,500, or $402/monthly for a benefit amount of $4,500.
• Single female, age 75: $387/monthly for a benefit amount of $2,500, $542/monthly for a benefit amount of $3,500, or $697/monthly for a benefit amount of $4,500.

Clearly the cost of monthly premiums increases significantly with age, which is a big reason many long-term care policyholders in Mississippi first purchase coverage in their 40s to lock themselves into a much lower premium. Married individuals also get a price break of up to $100 on monthly premiums, and possibly even more than that if their partner is already a policyholder or looking into their own policy.

Why Work with a Mississippi Independent Insurance Agent?

In order to get the protection you need and deserve, you’ll want to work with a trusted expert. And who could be better for the job than a local agent who shares your area code? Independent insurance agents act as your own personal insurance shoppers, offering you tons more options than one-policy companies. With just one call, they’ll hook you up with multiple quotes.

Mississippi independent insurance agents are armed with knowledge on what coverage is needed in your area, and they’ll get you set up with just enough of it — not too little, not too much. They’ll handle all the heavy lifting, so you can rest assured you’ll be set up with the right coverage at the right price.

They’re not just there at the beginning either. If disaster strikes, your Mississippi agent will be there to help walk you through the claims process and make sure you’re getting the benefits you're entitled to. Now that’s thinking ahead.