Long-Term Care Insurance: What Is It?
You may not want to consider the enormous expense of long-term care, but you really should. The U.S. The Department of Health and Human Services estimates that approximately 70% of adults reaching the age of 65 may need long-term care services at some point in their lives. If you’re unprepared, the cost of such care may swiftly drain your finances.
Long-term care insurance may be useful in this situation. Let’s discuss the basics so you can decide if it’s worth investing in.
What Treatment Are Covered by Long-Term Care Insurance?
Long-term care insurance is intended to assist in covering the costs of two different types of assistance. The first is skilled care, which involves support and care offered by a medical professional such as a nurse. The second is custodial care, which includes assistance with daily living activities like eating, bathing, and using the restroom.
Most of the time, these services happen in nursing homes, but they can also happen in adult day care centers, assisted living homes, or even in the comfort of your own home.
How Does It Work?
Long-term care insurance policies typically include the following:
- Triggers: Most long-term care policies include triggers that must occur before they will begin to provide coverage. Alzheimer’s or Parkinson’s disease-related cognitive impairment is one typical trigger. Another possibility is being unable to carry out two or three regular personal care duties because of a condition.
- Waiting Periods: There is often a waiting time before your insurer starts to pay benefits. The coverage probably won’t cover any costs you may have accrued during this period if you recover from your sickness before it expires.
- Daily and Lifetime Limits: Long-term care policies typically compensate you for certain accepted expenses, but have daily and lifetime maximums.
Contact one of our agents today to find out more about long-term care or other life insurance options available to you.
