The Basics of Long Term Care Insurance
While employer-based insurance policies offer many benefits, covering the cost of long-term care is rarely among them. In this context, "long term care" describes the routine support required by individuals who suffer from a long-term condition, including permanent disability, chronic disorders and debilitating illness. Since many standard health insurance plans don't cover long-term care, many individuals get a separate policy to protect their finances from these expenses.
Who Needs Long-Term Care Insurance?
These insurance policies can benefit adults of any age, even if they don't expect to need it for some time. Purchasing policies when you are young and healthy can be a much more affordable option in the long term. Older adults, particularly those who already have a chronic condition, may have to pay higher premiums for their coverage. There is a healthy variety of insurance options available, so it's easy to find the best one for your budget and needs.
Many aging individuals find need prolonged care at some point, and long term insurance is a solid safety net to guard against them. Even if you plan on remaining in your home, you could greatly benefit from at-home care as well as modification of the house for safer accessibility. It can also help you afford the help of medical professionals who can slow the development of mental or physical conditions.
The Benefits of a Strong Policy
Long-term care policies can cover a wide range of health-related expenses, including the costs of assisted living and home care. A flexible policy can provide you and your family with room to make choices about your future. Whether you need to stay at a registered rehabilitation center or need the skill of licensed therapists to address a condition, long-term care insurance can help mitigate the cost.
Individuals currently employed or able to modify their employer-based policy may be able to extend their coverage to include long-term care. Separate long-term care policies are also available, and many adults take advantage of them to secure their financial future. Extended care insurance takes uncertainty out of getting older and gives you room to enjoy your life.