Long Term Care Insurance

By Joseph Kenny
Long-term care insurance can provide coverage and protection in the event that you or a loved one should need long term care and assistance with daily living activities.

These activities would include help with bathing, eating, dressing, etc. While long term care is usually associated with someone who is elderly, it is important to note that anyone of any age may require long term care in the event they suffer an accident or illness that deprives them of the ability to carry out these tasks independently.

Long-term care may also include medical care that most people do for themselves, such as diabetes monitoring.
 

Long-term care can be provided at home, in the community, in assisted living or in nursing homes. Long-term care may be need by people of any age, even though it is a common need for senior citizens.

The goal of long-term care services is to help you maximize your independence and functioning at a time when you are unable to be fully independent.

Longterm Care Insurance

LTC Insurance pays benefits when it has been determined by a physician that a person can no longer provide their own basic needs. This could be due to age or age related illnesses or it could be due to an accident. Such a policy will typically provide coverage for all levels of care in nursing homes that are licensed by the state. The policy may also provide coverage for home health care as well as an assisted living home.

There may be a waiting period during which time there will not be any benefits paid. Once the waiting period has been satisfied a maximum dollar amount will be paid for each day care is provided. If the per day cost of the facility exceeds the maximum dollar amount provided under the policy, you will need to pay the difference out of pocket.

Depending on the type of coverage policy you select it may also be possible to take advantage of what is known as an inflation adjustment feature. This will increase your per day benefit to allow for higher costs that occur as a direct result of inflation.

The age of the persons covered under the policy and the level of benefits you purchase will determine the amount of your premium. If you opt for the inflation adjustment feature and wish for more services to be covered under the policy, the premium will typically cost more. In addition, if you are older when you take out the policy, you can also expect to pay higher premiums because there is a higher degree of risk that you will need to use it. Once the policy is purchased; however, you can usually rest assured that premiums will remain fairly level as long as the policy remains in effect.