Long Term Care Insurance Coverage

Long term care insurance covers the insured and the loved ones in case long term care is needed. It is something to be considered if you have aging parents or you yourself are now a senior citizen. When a person is insured in long term care insurance, he is guaranteed to be well taken care of. It is important to understand the specific coverage of a long term insurance, so you know the type of insurance you need to purchase.

A standard health insurance does not cover long term care nor does it cover nursing home expenses. Medicaid acts as a support to those who need health care, but it is not able to address long term care. Medicare, another welfare program, allows nursing care but it has certain requirements and is only able to give out limited coverage. If a person is not covered by long term care insurance then families and friends need to help out by providing financial supports to the pay for the expenses.

Coverage of a long term care insurance include, therapy at your own home or in a facility, skilled nurse who is able to take care of you at home or in long term care facility, provide help in administering your day to day activities such as eating, dressing and bathing, care for those who have Alzheimer’s disease.

Like any other insurance policy, a premium is paid for long term care insurance. This is to make sure that the insured will be covered against high medical bills due to health conditions that will require long term help. There are different options that an insurer should be aware of, choosing coverage, choosing benefits, protection against inflation, waiting period or elimination period, and protection against insurance cancellation.

In purchasing a long term care policy, there are important features one must look for. A policy should contain a time deductible for the life policy; it should be able to give you an option to switch to a lesser coverage in case you can not afford your premiums. It should not require you to stay in a hospital before you are able to claim your benefits. The policy should not be canceled as long as you are able to continue paying for your premiums. It should offer coverage for dementia.

In choosing a long term care policy, do not rely on what your agent tells you. Always read the policy and understand all the conditions as much as you can. Taking your agent’s word might give you trouble in the long run.

Do not purchase a policy until you are sure of its terms and conditions. If you need help in making a decision, hire someone you trust and understand the ins and outs of the business.

If you opt to use the service of a legal opinion, deal with reputable insurance firms and have been around for years. The advantage of going through insurance brokerage firms is that they are able to tell you the comparison of several insurance policies.