Long-Term Care Insurance

Typical health insurance provides temporary, or short-term, medical coverage. This means that if you get in an accident and suffer an injury, you can go to the hospital and your insurer will pay the bill. Long-term care insurance is different than typical health insurance. Yes, it does provide medical care. However, there are additional benefits to having long-term health care insurance.

What is Long-term Care Insurance?

This insurance is designed to prove health coverage for general types of long-term support and services. These types of services include both custodial and personal care. It doesn’t matter whether you need these services while you’re living in a nursing facility, at home or at a community organization.

What does this Type of Insurance Do?

Long-term care insurance reimburses you, the policyholder, up to a daily amount. The reimbursement covers specific activities like dressing, bathing and eating. You can also include other supportive care and services as you need them. Some specific services include adult day care services, home modification, home care, care coordination and a future service option. The future services option gives you the flexibility to add any new services that’s not contained in the policy at the time it was written.

How Much does this Insurance Costs?

The answer to this question depends on a lot of factors. For example, your age will determine your premium. Other factors that will determine your payment includes the type of optional benefits you add, the maximum amount of the policy per day and the number of days the policy will pay out.

Type of Long-Term Health Care Options

The type of long-term care you choose will also depend on many factors. The first fact is what type of policy source you want. There are individual plans if you want to purchase insurance from a broker or agent. You can also purchase the insurance via your employer, a service organization or state partnership. A state partnership program is a long-term care program run by your particular state. It’s complicated, but it still allows you to obtain Medicaid, if needed.

You can also obtain long-term care policy via a joint policy. These are policies that cover more than just one person. The people can be spouses or two relatives.

It’s important to note that there are coverage exclusions such as pre-existing conditions. This means that you may possibly not be able to get coverage.

You Need Long-Term Health Insurance

Long-term care specifically means that you or your loved one has a chronic illness for which you need to seek additional health coverage. This chronic illness or disability requires skilled care for an extended amount of time that a typical health insurance plan won’t cover. That’s why you should have long-term insurance. It meets the needs of a chronic health condition over a period of time. Even if you don’t think you’ll use long-term health insurance, it’s important to have. You just need to find the right type of coverage to suit your health and lifestyle needs.