The Info on Long Term Care Insurance
This kind of coverage is engineered to take care of you when you are longer able to do so for yourself, especially in your later years. Since people live longer in this modern era, it means that many older and/or sick individuals will need 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 very expensive and also add up very quickly. Long-term care insurance is what mitigates these costs.
Older folk who can’t perform daily living activities due to illnesses, cognitive issues derived from such things as Alzheimer’s disease or those who have prolonged disability issues are perfect candidates for long term care coverage. Examples of assistance include bathing, using the restroom, dressing, eating, and more. As such, good long-term insurance is often designed 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 service visit to the home. This is categorized as “in-home care.”
One can purchase this type of coverage as part of a standalone policy or as a supplemental policy add-on (or “rider”) for an existing policy. This type of coverage is also often made available as part of an employee benefits package.
It pays out for a myriad of long term care situations should one be struck with a chronic illness or if one becomes disabled in some way. Again, this can include care in a nursing home, assisted living or even in the patient’s own home.
Insurance providers will pay between half and the full bill for extended care. Here a few of the other features that are available with this kind of care insurance:
The Benefit Period– The policyholder may choose how long care should be provided when the coverage is first bought. 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. Usually 30-, 60-, 90-, or 180-day waiting periods are offered.
Automatic Inflation Protection- The earlier one obtains such a policy, the longer it can accrue interest, which can also mean larger pay-outs down the road.
Shared Couple Benefit– One can choose a benefit that allows a spouse to utilize the other spouse’s benefits.
Basically, to be reassured of not burdening loved ones after death and in having themselves, in their final years, appropriately cared for, are terrific reasons for good long-term insurance. And, this kind of coverage is relatively reasonable for most income levels.