Long Term Care Insurance
Long-Term insurance is the type of insurance that helps in paying for the care of individuals who cannot care for themselves. This kind of insurance is not necessarily related to a specific medical issue, but rather addresses the issue of mobility. Most employer-provided medical insurance options may have some long-term care benefits, but often they are quite limited.
Long term care insurance is an important part of protecting your health (and your future) from lengthy illnesses. Should you be out of work for more than 30 days at a time, then a policy that will provide for you while you are sick is obviously very valuable. Long term insurance pays your expenses when you are not able to work and often feeling helpless.
Keep in mind that Long term care is almost never covered by normal health insurance or even by government-provided healthcare programs like Medicare or Medicaid. This type of insurance coverage will provide financial assistance to those who face a challenging health issue for an extended period. It can have the side benefit of greatly reducing stress and worry as the costs of long term care can drain a normal person’s finances in no time flat. Long-term care is normally measured in increments of 12 to 24 months. Older adults can become incapacitated due to age as well as illness. These people may often need expert help for the rest of their lives and, again, Medicare does not help much with assisted living or nursing care expenses in these cases.
With many policies of this type, there is a period of disqualification. This serves as a kind of deductible for the policy. A pre-determined time period must go by before the coverage kicks in to pay for the long term care. This is often a term of between one and four months. It is important to remember that the longer the elimination period, the lower the premiums will likely be.
Although many people think of long-term care as staying in a nursing home, having this kind of insurance can also help pay for many things that a person requires to maintain some semblance of independence. This can include practically anything that one requires in daily life that he or she can no longer accomplish by themselves.
The benefits of this coverage are wide ranging and designed around the policyholder’s individual needs. Often benefits include a visiting nurse who can assist in areas such as hygiene care and bathing. It can also include assistance with grocery shopping and the preparation of food. Policies often can help in the payment for residential care, such as convalescent homes where patients are given the 24 hour care.
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