Long-Term Care is the type of care received either at home or in a facility, when someone needs assistance. Including, activities of daily living such as bathing, walking and dressing. This may be due to an accident, an illness or advancing age.
This insurance policy reimburse policyholders a daily amount (up to a pre-selected limit) for services. Which, assist them with activities of daily living. And, you can select a range of care options and benefits that allow you to get the services you need. Also, where you need them.
What is Long-Term Care Insurance?
Rising life expectancy means that the potential need for “long-term care” grows with every passing year of your life. The likelihood is that you or a member of your family will need long-term assistance due to a prolonged illness. Or, a disability. Or, even general deterioration of your health and ability to perform routine daily activities.
Keep in mind, most long term care expenses aren’t covered by Social Security or Medicare, Medicare Supplement (“Medigap”), or private health insurance.
Along with this, Medicaid pays for nearly half of all nursing home care. But, you must meet federal poverty guidelines and may have to “spend down” most of your assets on health care.
What age is best for this insurance type?
The optimal age to shop for this insurance policy, assuming you’re still in good health and eligible for coverage, is 60 through 65, financial advisers say. Couples might take a look five years earlier.
Is long-term care the same as life insurance?
Life insurance protects your loved ones when you pass away. On the other hand, long-term care insurance provides money to help you maintain a good quality of life while you’re alive.