The Basics of Long Term Care Insurance

Because Long Term Care Insurance is a relatively new product offered by insurance companies, most people don’t know enough about it. For most people, thinking or learning about Long Term Care insurance is not a top priority or at the front of their minds, but as many learn, Long Term Care insurance plays an important role in bringing comfort to their lives knowing the protection it provides.

Long Term Care Insurance – The Basics

Long term care services are provided to people who suffer from a chronic illness, disabling condition, or a cognitive impairment. Generally, long term care is needed for conditions that cannot be cured or healed; instead long term care services focus on helping the patient with routine activities.

These activities are often called Activities of Daily Living (ADL). These include: dressing, ambulating, bathing, continence, toileting, and eating. These activities may be affected not only by physical impairments but chronic mental impairments as well. Consider certain cognitive losses such as Alzheimer’s disease. Often, long term care services extend for a long period of time.

So, Long Term Care Insurance provides benefits in the vent that these services are needed. Generally, Long Term Care insurance policies are flexible in how the insured and their family decide the individual needs to receive care.

Long Term Care insurances helps pay for services such as in-home care, adult day care, alternative living facilities and nursing homes.

Long Term Care Insurance – Considerations

As the cost of health care rises, so do the costs of providing long term care services. The purpose of Long Term Care Insurance is to help pay for the services needed to care for someone to alleviate the financial burden on the family.
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One misconception is that people believe that Medicare will pay for these services. As is often the case, they do not provide for much of the care needed, if any at all. The financial and emotional burden of caring for someone then falls onto family members. Again, Long Term Care Insurance is designed to alleviate these burdens.

Long Term Care Insurance – Some Mechanics

Since Long Term Care Insurance is used to provide services for an extended period of time, benefits do not set in until a fixed amount of time has passed. In most cases, you can choose how much time must pass before benefits set in when purchasing your policy. Generally, these are 30, 60, or 90 day periods. The longer the period you select, the less you will pay in premiums.

Another consideration is the dollar amount of daily care the insured is eligible to receive. Some may decide that $100 per day in care and services is enough, while others may decide that $250 per day is right for them. You should consider the costs of health services and what level of care you are comfortable with before purchasing your policy. Often, insurance representatives are very knowledgeable and can help you decide what amount is right for you. Of course, these considerations will affect the premiums you pay for the insurance.

Long Term Care Insurance – Conclusion

Long Term Care Insurance plays an important role in risk management. As health care services rise, the cost of providing long term care to individuals may create a financial and emotional burden on family members. Long Term Care Insurance is a product designed to provide individuals needing extended care for a chronic illness, disabling condition, and/or cognitive impairment.

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