Important Facts about Long Term Care Insurance
Thanks to medical advances, people are living longer than ever. This means that elderly people normally need long term care at some point in their lives. The downside is that professional care is expensive. Long term care insurance can help makes things easier.
What is Long Term Care Insurance?
This coverage helps pay for long term care. That often includes in-home care or care in a nursing home. Traditional medical insurance doesn’t pay for this type of care. That is why it is necessary to buy additional coverage.
Who Needs this Coverage?
Anyone can use this type of insurance. It’s not only the elderly who need this type of care. But generally, it’s purchased for people who aren’t wealthy and need extended care in their old age.
How it Works
Most of these policies pay a daily or monthly amount for care. The care might be provided in a nursing home or at home by a nurse or home health aide. Some policies pay for modifications to make the home elderly friendly, such as adding a ramp or rails in a bath or shower.
Long term insurance is available as standalone care insurance and care insurance that is an add-on to an insurance policy. Standalone policies are typical policies. They require you to pay premiums to have an insurance company pay for care. When the care is an add-on policy to a life insurance policy, it can work in different ways. It may provide extra long term benefits in addition to the death benefit. It also may provide a “living benefit” benefit. That allows you to spend down your death benefit to pay for long term care.
The main benefit of this coverage is having care when you need it most. When you’re elderly or unable to care for yourself, it can be a frustrating situation. With this coverage you’ll have the care you need without worrying about how to pay for it.