What is Long Term Care Insurance?
Long Term Care policies are there to provide coverage for the costs associated with long term care. These costs are not covered by regular insurance policies. For example, if someone needs to stay at a long term care center, the policy will help pay a majority of those expenses every week/month.
Who is Long Term Insurance Suitable For?
Long Term Care Insurance is provided for anyone who may need help in paying for a long term nursing home. These individuals are not necessarily sick or disabled, but they are struggling to perform the daily activities of living by themselves.
This means that they struggle to go to the bathroom, take a shower, eat or take care of themselves without some form of supervision.
These long term care policies can help pay for long term assisted living homes that are not covered by traditional health insurance or medicare/medicaid policies.
How Does Care Insurance Work?
These long term care policies are bought separately or as part of work place benefits insurance. They have monthly premiums just like any type of insurance. The moment someone needs to live in an assisted living center or a nursing home, the policy kicks in. The policy is designed to help pay for these facilities. Most comprehensive policies can almost completely take care of the costs associated with these centers.
Different Types of Care Insurance
The different types of policies really depend on how much you are willing to pay. For example, a long term care policy with a smaller monthly premium will generally cover a smaller percentage of the necessary living costs. The more you pay monthly, the more the policy covers when it is needed.
Major Benefits of Long Term Insurance
These policies are very useful for people who are at or approaching the retirement age. They will begin to worry about their future. If someone is already in ailing health, they may foresee themselves as living in an assisted living facility long term. This policy would be perfect for such an individual.