19 Jun Do You Need Long Term Care Insurance?
Do you understand the benefits of long-term care insurance? Long-term care insurance is designed to help pay for medical or non-medical services, that may be out of pocket charges, if you are not insured. Some policies even cover nursing home care, while others would include coverage for a range of services, like adult daycare, assisted-living, medical equipment, or home care.
Long-term care policies can pay benefits for you, or someone else, if you designate them on the policy. Examples of designated people would be family members or caretakers that you might need later in life.
People that would need long-term care insurance would be family members that are under pressure to help care for elderly parents, or for aunts and uncles. Even if it is yourself, you can get long term care insurance if you are single and do not have a plan for your care later in life.
Anyone that would lack the resources to pay for long-term care should consider the insurance. Long-term care is similar to health and auto insurance. It’s available to help and to protect you, your family, or your assets, in case the need arises.
If you, your spouse, parent, or child, needs long-term care services one day, the financial burden for the rest of your family could be extensive if you do not have long-term care insurance.
Long-term care is different from major medical insurance and disability insurance. It protects you in a different way than medical insurance would. Health insurance plans generally only cover about 30 days of recuperation time, while long-term care and long term policies could cover two years or more.
Disability insurance is also different from long-term care. Insurance disability would only replace your salary at the time of your injury but it does not cover any ongoing medical care.
Medicare is even more restrictive, and cannot be relied on as a sole source for long-term care expenses. Medicare only reimburses a maximum of 100 days, but the average is 29 days.
The cost of a long-term care insurance will vary, depending on your age and health status. To get the best rate, call your health insurance professional. The cost of the policy will vary from state to state.
If you’re interested in a long-term care policy, policy please give us a call.