What Is Long Term Care Insurance?
You have probably seen many commercials urging you to purchase long term care insurance, but you may be unsure as to what this type of insurance actually is, and how it can help you. Long-term care insurance helps you pay for long term care services that most insurance policies do not cover. These types of services are typically very expensive when paid for out of pocket and can include in-home health care, adult day care services, assisted living services, and other related expenses.
The right time to purchase a long term care insurance policy is in middle age, since this is the time when most people are most likely to be eligible for a policy, and most likely to lock in a lower premium. Waiting until you are in your seventies and eighties is not a good idea, since many insurers will consider you too much of a risk to insure, and even if you are eligible, the premiums will likely be very, very high.
When you are considering different policies, there are several things to consider. Long term care insurance is not for everyone, but for many people it is the best way to protect their assets, reduce both financial and emotional stress for their loved ones, and retain control as to how and where they receive long term care. Long term insurance can be expensive, however, which is why it is important to weigh your options carefully before making a decisions.
There are different types of long term care insurance policies that you may qualify for, depending on your health and your care needs. Some long term care insurance policies pay for a friend or family member to care with you in your own home, while others are designed to provide coverage for home care, nursing home care, or both. Among the many considerations to weigh is the monthly or daily benefit amount that you will receive from your insurance company. If the benefit amount is less than your care expenses, you will be required to pay for the difference out of pocket. When it comes to long term care or any other type of insurance, it is important to weigh your options carefully and discuss them with your insurance broker before deciding.
It involves the assistance or supervision you may need when you are not able to do some of the basic “activities of daily living” (ADLs) like bathing, dressing or moving from a bed to a chair. You might need assistance with ADLs if you suffer from an injury like a broken hip, an illness, a stroke or from advanced age and frailty. Long-term care insurance is not life insurance, disability insurance, or health insurance. Instead, LTC includes a range of nursing, social, and rehabilitative services for people who need ongoing assistance due to a chronic illness or disability
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