Long Term Care Insurance


About Long Term Care Insurance:

What is considered long term care varies depending on the type of insurance you have and the services it includes. Usually long term care is not actual medical care, but it includes assistance with personal care needs like bathing, eating, dressing, taking medicine, and other support. Sometimes it can also include assistance from a nurse or other specialist.

Who Needs Long Term Insurance?

Statistics show that about 70% of those people who reach 65 will need some long term care. As people age, it’s more likely that they will need long term care. Since women are more likely to live longer than men and then usually live at home alone, they will probably need some care. Adults of any age may need to use care if they are severely disabled.

Considerations When Choosing Care Insurance:

Medicare, Medicaid, and other state programs can provide some assistance with personal health care. To get more extensive service, it is wise to buy an insurance policy for long term care. Your employee health coverage does not generally cover long term care. No one knows if or when they might need long-term care either at home or in a facility. Therefore, it’s a wise idea to take out a policy when you are young and it is cheaper. If you are older and don’t have an insurance policy, you may ask your family about helping you with some of your care.

Type of Coverage:

Depending on the terms of your policy, you can get the basic personal care, or you can receive the services of a nurse, therapist or other specialist. Some policies give you complete care in a facility if you are not able to take care of yourself. If you want to remain living in your home, there are policies that will pay for renovating your house to accommodate the care you need.

Discussing the options of long term health care with family and doing research will help you find the best insurance policy for your future health needs and budget. A lawyer specializing in estate planning or your financial adviser can help you decide what type of long term care would be best.