Long-Term insurance is a type of insurance that helps to pay for the care of individuals that cannot care for themselves. This type of coverage is not necessarily related to a medical problem, but it is usually related to an issue of mobility. Most medical insurance policies that are provided by employers may have some long-term care benefits, but they are usually limited in scope.
Every adult should consider getting this coverage because the need for long-term care can happen to adults at any age. Younger adults can sustain injuries from accidents and may need assistance in their daily life while their injuries heal. In this case, long-term care may be measured in months such as 12 to 24 months. Older adults may become incapacitated due to age as well as illness, and they may need assistance for the rest of their lives. For the elderly, Medicare will not cover assisted living or nursing care expenses.
With many policies, there is an elimination period. This serves as a deductible for the policy. A certain time period must elapse before the coverage begins to pay for care. This is usually between one and four months. The longer the elimination period, the lower the premiums will be.
Although many people think of long-term care as living in a nursing home, having this type of policy will cover many things that a person needs to maintain an independent lifestyle. This can include almost anything that a person needs in their daily life that they can no longer do themselves.
The benefits of this type of policy are wide ranging and are dependent upon the policyholder’s needs. They include having a nurse visit and to assist in areas of hygiene such as bathing. It can also include assistance with getting groceries and preparing food. They also can help to pay for resident care. This includes convalescent centers where patients are given 24-hour care.