What You Need to Know about a Long Term Care Insurance

When you need assistance on a daily basis for health reasons, long-term care insurance can come to your rescue. Long-term care includes help for services that people with disabilities and severe health problems require on a day-to-day basis. These services are not covered by basic healthcare plans. The insurance cover reimburses funds to policyholders on a daily basis.

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Costs
The long-term care insurance cost depends on individual health needs. The actual calculated cost will depend on the age (when buying the policy), the duration of the policy and the daily reimbursement amount. The best long-term care insurance is one that fulfills your specific requirements even if it adds to the cost. Otherwise, the whole idea of buying a policy for long-term care is moot. The insurance company you choose for the policy can also be a factor in determining the final costs. The average cost of long-term care insurance can also depend on factors such as marital status and gender. Women are considered to live longer than men. So their cost for long-term care usually is more based on the premise that they can accrue the benefits for longer. If you are married, you can expect lower premiums.

The Coverage
The long-term health care insurance plans can be as comprehensive as you want them to be if you are willing to pay the cost. You can include assistance for home care as well as assisted living. Hospice care, Alzheimer’s care centers, day care centers for adults and nursing homes can all be considered when you buy a long-term care insurance policy. For at-home care, you can include assistance for activities like bathing or eating. If you need nursing care at home, you can include it as well. Rehabilitation therapy (speech, occupational, physical) can also be considered for long-term care insurance.

When buying long-term care insurance, you should consider several factors

Age and Health –
You can buy a long-term care policy for a lesser amount when you are young. The older you are; the more long-term care insurance can cost you. If you have a chronic condition, you are not likely to qualify for long-term insurance.

Income –
If you feel your income is inadequate to pay for long-term health plans, it is a good idea to look at other policy options. Premiums can increase with time and you may not be able to pay it with your retirement funds. So, consider these factors well before buying long-term health insurance. Think what services you might need or what precautionary measures you want to take for future and then plan to purchase a long-term policy.

Benefits –
The policy benefits only start when you have a requirement for it irrespective of the time of purchasing the policy. Find out in advance what your provider considers while paying the benefits.
Some may consider the inability to perform daily tasks as triggers; others may consider the onset of one or two chronic or serious conditions. If you have a family history of Alzheimer’s, make sure you include cognitive repairmen as a trigger along with physical triggers such a loss of mobility or inability to perform tasks. Some insurance companies may consider hospital stays, but it is outlawed in many states. So, inquire about it before buying a long-term care insurance policy. Problems related to self-inflicted injuries, drug use, and alcohol addiction are not included in long-term health policies. Before buying a long-term policy, inquire about the timeframe when you can receive the benefits.