Information on Long Term Care Insurance
Introduction
This type of coverage is designed to take care of you when you are longer able to do so yourself, especially in your later years. These days people tend to live longer lives. This means that many older and/or sick individuals will require assistance in their final years. This kind of assistance, whether it is in the form of in-home care or through an assisted-living facility, can be quite expensive and also add up very quickly to overwhelming levels. Long-term care insurance is what can help to ameliorate these costs.
Who Needs It?
Older folk who can’t perform daily living activities due to illnesses, cognitive issues derived from such illnesses as Alzheimer’s disease or those who have prolonged disability issues are perfect candidates for long term care services. As such, good long-term insurance is often engineered to provide assistance for seniors. Policy terms do vary, but there is a long-term care policy out there for those who desire support for both stay-in or assisted living facilities, nursing facilities or even for a professional to visit the home for service. This is categorized as “in-home care.”
One can buy this type of coverage as part of a standalone policy or as a supplemental policy add-on (or “rider”) for an existing life insurance policy, for instance. This coverage is also often made available as part of an employee benefits package.
How it Works
This type of coverage can pay out for a myriad of long term care situations should one be struck with a chronic illness or if they become disabled in some way. Again, this can include care in a nursing home, assisted living or even in the patient’s own home.
Coverage Types
Insurance companies will pay between half and the full bill for extended care. Below are a few of the other features that should be considered when obtaining this kind of care insurance:
The Benefit Period– The policyholder may choose how long care should be provided when the coverage is first obtained. Options include anywhere from a 2 to 10-year period.
Elimination Period– Most policies will not pay out until the first month of coverage is over or longer. Choices offered are usually 30-, 60-, 90-, or 180-day waiting periods.
Automatic Inflation Protection- The earlier one purchases such a policy, the longer it can accrue interest, which can also mean larger pay-outs.
Shared Couple Benefit– One can opt for a benefit that allows a spouse to utilize the other spouse’s benefits.
Big Benefits
To be reassured of not burdening loved ones after death and in having themselves, in their final years, appropriately cared for, are perfect reasons for good long-term insurance. And, this type of coverage is actually relatively reasonable for most income levels.