Many people assume that their health insurance will cover long term care in the unfortunate event that they need it. However, this is usually not true. Health insurance pays for medical care but not for the specialized daily care that a long-term illness requires. This specialized care insurance is an important part of every person’s insurance package.
Long term care insurance covers the personalized care that people need during an extended illness, whether in-home care or care in a specialized facility. While this type of insurance is popular among elderly people who can foresee a need for it, younger people also may find themselves in need of these services and thus should consider long term insurance. Long term care insurance plans are actually very affordable when purchased while the policyholder is young.
There are many different types of policy. It is important to consider whether you want a policy that covers in-home care, out-of-home care, or both. Other factors that vary between plans include the maximum amount that the insurance will pay, the amount of time in care that will be covered, and whether the maximum amount paid will increase with inflation. There are also many optional benefits that vary with each plan, such as whether housekeeping services for in-home patients are covered.
The major benefit of purchasing long term care insurance is that it will protect you and your loved ones from having to pay debilitating amounts of money should you need long term care. Many people find that they cannot go to the facility that best meets their needs in a time of illness because of their inability to pay. Others have to live with the guilt of asking children and grandchildren to pay a high monthly bill for their care. Care insurance purchases the peace of knowing you can always afford the care you need without being a burden to loved ones.