Basics of Long Term Care Insurance
Long term care insurance is not a traditional medical plan. It might be attached as an add-on to an insurance plan, but it is not a traditional policy. Long term care can also be purchased separately for anyone who needs it. What this coverage does is pay for long term care that traditional medical insurance does not cover. Anyone who believes they may live long enough to require specialized care might find this coverage useful.
How it Works
This coverage kicks in after a certain age, and is related to the costs of caring for an individual in a nursing home or in their home. The policy is paid until it is needed and then it offers coverage up until the individual’s death.
Types of Long Term Insurance
Long term insurance covers various situations. Some cover the costs of nursing homes while others cover in-home care. Some policies even cover the cost of training family members to provide medical care.
What Are the Benefits?
Long-term care can be very expensive without help to pay for it. The costs of caring for an individual at the end of their life can exceed thousands of dollars. Long term insurance goes a long way in helping reduce this expense. Long-term care will pay for your care, regardless of how many years it takes.
Long term care insurance is an extra expense. But it is cheaper in the long run than paying for care out of your pocket.