This type of coverage is engineered to take care of you when you no longer are able to in your later years. Due to several medical advances of late, people are living a lot longer than before. Consequently, many older and/or sick persons need assistance in their twilight years. This kind of help, whether it be in-home care or from within an assisted-living facility, can be quite expensive and certainly can also add up quickly to staggering levels. Long-term care insurance helps to mitigate these costs.
What is it?
Again, long-term insurance usually is meant to provide assistance for those more advanced in years. Policy terms do vary, however one can often find a long-term care policy with support for stay-in or assisted living facilities, nursing homes or even for a professional to visit a policyholder at his or her own residence (referred to as “in-home care”).
One can acquire this type of coverage as part of a standalone policy or as a policy add-on (or “rider” or “supplemental” policy) for existing a life insurance coverage for example. One can even be provided this as a part of a workplace benefits package.
What it provides?
This type of coverage can pay for a variety of long term care situations should one acquire a chronic illness or find themselves disabled in some way. This can include care for a nursing home, assisted living or in one’s own home.
Any person who would like to ensure that they will be properly taken care of in their final years is a perfect candidate for long-term care insurance. It also relieves the burden on loved ones when these decisions and plans are put into place well before these services are needed. For instance, nursing home care can often cost overwhelming amounts of money, often into the six figure levels, so even if one is well-off this coverage can still greatly be beneficial. In fact, this kind of coverage is actually quite reasonable for potentially any income bracket.
Why Long Term Policies?
Long-term care policies benefit the whole family, not just the policyholder. With such a policy in effect, nursing home or assisted-living care is paid for and members of one’s family can enjoy unequalled peace of mind in knowing their loved one is well cared for and free of financial trauma. This kind of coverage ensures that the policyholder and the family won't need to access hard-earned assets to pay for help with everyday tasks should some form of incapacitation ever occur.