Long Term Care Insurance
Long term care insurance is for long-term care coverage. They are developed to covers costs that are not insured by traditional health insurance and Medicare. It covers services at your home such as assistance needed at your home and care in different settings.
There are several options and flexibility in a long term care insurance policy, you are able to select from a range of care options. You get to avail services you need whenever and wherever you are. The cost of the insurance will depend on the type of policy, other benefits, age when you bought the policy and coverage from inflation. If you have poor health conditions, you may encounter problems in qualifying for a long term insurance or an insurance company might offer you an insurance policy with limited coverage. In addition, you may be required to pay at a higher price, compared to standard insurance policies.
A benefit period or lifetime benefit maximum is the total amount of money or time in which the benefits will be paid. Long term policies may last two, three, four, five years or even a lifetime or unlimited coverage. However, there aren’t enough companies today who are willing to provide unlimited or lifetime policy. Although, some insurance companies offer a “high coverage option” with $1,000,000 limit.
Premiums are paid in advance in long term care insurance. Insurer will be covered until the limit has been reached. Premiums are stopped when you are already starting to receive your benefits.
Long-term care insurance sometimes covers additional costs. These policies may also support insurers who are living at home such as: home remodeling by installing grab bars and ramps, installing electronic monitoring systems, providing transportation to medical appointments and providing training to a relative or friends to safely care for the insured.
There are some policies that provide conditional payment to the insured’s family member or friends, so they can help care for the insured. They may be paid only for the costs that they will incur while taking care of the policy holder.
A nurse or social worker may be provided by some insurance companies. You may discuss with the care coordinator the situation you are in and seek for their help in arranging and monitoring your care. You will be given a choice to seek for a care coordinator’s help, if you want to have one, the insurance can provide them to you. But if you think you don’t need their help then it’s ok to pass on. You may choose your own care coordinator; you are not limited to the coordinator the insurance company is recommending.
Typical long term care insurance covers a variety of services. The insurance company may provide you a caregiver, somebody who can help you with your day to day activities. Others include: hospice care, respite care, assisted living facilities, nursing homes, adult day health care centers and Alzheimer’s special care facilities.
Long term care insurance is for those who are looking into the future. This will secure that when you get old, you will still be cared for, and all your needs are provided.