Why You Should Consider Long Term Care Insurance
You have probably seen many commercials urging you to purchase long term care insurance, but you may be unsure as to what this type of insurance actually is, and how it can help you. Long-term care insurance helps you pay for long term care services that most insurance policies do not cover. These types of services are typically very expensive when paid for out of pocket and can include in-home health care, adult day care services, assisted living services, and other related expenses.
Individuals who are interested in exploring their long term care insurance options should start shopping for policies once they reach middle age, since this will increase their chances of qualifying, and also for locking in a low premium rate.
Long term care insurance can be expensive, and is not a viable option for everyone. It is something that everyone should consider, however. The right policy can help you reduce your independence on your family members, as well as decrease their financial and emotional strain as you age, and can help you retain control of your finances and control of how and where you receive long term care.
The type of long term care policy that you purchase depends on your individual preferences and needs. It is possible to obtain policies that pay only for nursing home care, only for home care, or for both types of care. Another important consideration is the daily benefit amount, because if your medical and elder care expenses exceed your monthly or daily benefit amount, you will be required to pay for the difference yourself. For these reasons and many more, it is important to research all of your options and consult with your insurance broker before purchasing any type of coverage.
It involves the assistance or supervision you may need when you are not able to do some of the basic "activities of daily living" (ADLs) like bathing, dressing or moving from a bed to a chair. You might need assistance with ADLs if you suffer from an injury like a broken hip, an illness, a stroke or from advanced age and frailty. Long-term care insurance is not life insurance, disability insurance, or health insurance. Instead, LTC includes a range of nursing, social, and rehabilitative services for people who need ongoing assistance due to a chronic illness or disability
Individuals who are interested in exploring their long term care insurance options should start shopping for policies once they reach middle age, since this will increase their chances of qualifying, and also for locking in a low premium rate.
Long term care insurance can be expensive, and is not a viable option for everyone. It is something that everyone should consider, however. The right policy can help you reduce your independence on your family members, as well as decrease their financial and emotional strain as you age, and can help you retain control of your finances and control of how and where you receive long term care.
The type of long term care policy that you purchase depends on your individual preferences and needs. It is possible to obtain policies that pay only for nursing home care, only for home care, or for both types of care. Another important consideration is the daily benefit amount, because if your medical and elder care expenses exceed your monthly or daily benefit amount, you will be required to pay for the difference yourself. For these reasons and many more, it is important to research all of your options and consult with your insurance broker before purchasing any type of coverage.
It involves the assistance or supervision you may need when you are not able to do some of the basic "activities of daily living" (ADLs) like bathing, dressing or moving from a bed to a chair. You might need assistance with ADLs if you suffer from an injury like a broken hip, an illness, a stroke or from advanced age and frailty. Long-term care insurance is not life insurance, disability insurance, or health insurance. Instead, LTC includes a range of nursing, social, and rehabilitative services for people who need ongoing assistance due to a chronic illness or disability
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