What is Long Term Care Insurance?

One of the ways to get long term care expenses covered is through long term care insurance. It is a policy that can cover any aspect of long term care, should you need it due to illness, injury or simply because of the infirmity of age.

Difference of Long Term Care Insurance and Health Insurance

Health is a primary factor for long term care. However, being a holder of a health insurance policy doesn’t mean that you are covered for long term care.

It is important to remember that health insurance and long term care insurance are completely different policies. Primarily, a health insurance covers for times that you need medical consultation, treatment and hospitalization. On the other hand, long term care insurance pays for services that involves assistance in basic daily activities and basic medical care that you may need while you are recovering from an illness.

Coverage

Long term care insurance covers for services that you may require. Majority of long term care is involved with providing assistance when it comes to simple day-to-day tasks such as bathing, eating, transferring from a bed to a chair or going to the bathroom. This is referred to as custodial or non-skilled care and can be administered by family member or paid caregivers.

Furthermore, long term care insurance can also pay for skilled care if you’re rehabilitating from an injury or illness. This can be provided within the home or in a nursing home facility.

Care can be administered in different settings and long term care insurance can cover each type of facility. These arrangements are in-home care, nursing home, adult day care, assisted living and communities. Some policies can even cover home modifications should you need to make tweaks in your home to match your long term care requirements.

Benefits

Purchasing long term care insurance is providing protection for your finances and assets. More so, it can also give you a sense of security and peace of mind.

The likelihood that you’ll require long term care is about 600 times more than the possibility that your house will be caught in a fire. Evidently, the risk of long term care is very high as well as its cost, thus, it is a smart move to protect yourself, your finances and even your loved ones with this kind of insurance plan.

Acquiring long term care insurance allows you to maintain your independence even when you get ill or simply face your golden years. When you are covered with this policy, you don’t need to be anxious about being a burden to your family, children or loved ones.

If you are keen about being covered when the need for long term care presents itself, then acquiring a policy can be your strategy. Long term care insurance, as it name suggests, is specifically designed to address your needs for this type of care.

The cost of long term care is on the rise. At the same time, statistics and figures show that each of us will likely require it at some point. Amidst these realities, long term care insurance can be your greatest ally.