About Long Term Care Insurance
Caring for an elderly individual can be challenging, particularly financially. If that individual needs long-term care the costs can go through the roof. Not being able to afford this care can put a burden on loved ones and provide difficultly in getting the care needed. If your loved one is faced with a need for long-term care they may have long-term car insurance to help ease the burden.
Long-term care insurance has not been around for more than 33 years making it one of the newer insurance products on the market. It is not as well known as life insurance and other forms of insurance coverage. In fact, approximately only 8 percent of people in the United States have purchased Long-term insurance coverage. These numbers continue to rise as the cost of long-term care continues to rise. It is believed that after only one year of nursing care an individual will reach the poverty level.
Most long-term care insurance provides coverage for care within a nursing home, senior community, home care and assisted living facilities. With long-term insurance coverage the beneficiary is able to select his or her own care givers and service types such as visiting nurses, home health aids, meals deliveries, household chore services and friendly visits programs. Some policies also cover adult daycare and respite care visits. This means that both the family member providing care and the elder individual will be able to make the best choices for their lives based on necessity and desire not based on policy and finances.
Like any insurance coverage, there are some things that you will want to be aware of including age and health restrictions, daily or monthly benefit amounts, elimination periods, benefit period, inflation protection options and beneficiaries. You will want to make sure that when choosing a company and policy that you know the financial strength rating of the company (their reputation according to Consumer Reports), their benefit triggers and information about reimbursement or indemnity if the individual has to pay out of pocket for expenses. It is also important to note that some companies will not provide insurance if there are pre-existing conditions such as stroke, Parkinson's disease, Multiple Sclerosis, dementia or Alzheimer's.
What to Look For
There are several things you want to look for when looking for a policy including coverage for one year of nursing or in home health care, Alzheimer's disease, a return right for up to 30 days after the purchase of the policy, and a non-cancel guarantee or non-renewal due to age or mental health. Make sure that the policy does not require that you are hospitalized before being able to take advantage of nursing or home care insurance benefits.
A long-term care insurance policy can lift the burden of nursing care needs and assisted living requirements as you grow older. This can make things far less stressful for you and your loved ones in the situation where you need help and must turn to professionals.
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