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Long Term Care Insurance

The U.S. Department of Health and Human Services reports that at least 70 percent of people will need long term care at some point. But long term care is expensive. It helps to plan ahead by purchasing long term care insurance.

Long term insurance is a supplemental policy that pays for expenses related to long term care. These expenses can include nursing homes and in-home care. If this policy isn’t available at your job, then you can purchase one on your own.

Who is in Need of this Policy?

Long term care insurance is for those who need help with daily living activities. Perhaps they’re elderly or have an illness or injury which hinders their mobility. In any case, it’s best to get this type of coverage when you’re relatively well. You can get it at any time, but the premiums are usually lower if you’re in good shape.

How it Works

This policy pays for things such as living at an assisted living facility, a nursing home or having an in home care provider. The insurer will pay the benefits to you so you can pay certain expenses. Or the insurer might pay the benefits directly to the provider.

Coverage

You can typically choose between two types of long-term care insurance. A standalone policy covers long term care costs and nothing else. But a hybrid policy is a combination of life insurance and long term care insurance. This type of hybrid policy allows you to use your benefits in one or both situations.

Main Benefit

The main benefit of a long term care policy is the financial assistance it provides. You’ll be able to pay for care that you may otherwise find unaffordable.






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