Long term care insurance is designed to protect you and your loved ones in the event that long term care is necessary. Nearly one out of every two persons who are age 65 and older will likely spend some time in a nursing home. The average dollar amount for nursing home expenses per year is $30, 000. However , if you live in a major metropolitan area the average costs goes up to around $60, 000 and in some cases just as much as $100, 000.
The average stay of the senior in a nursing home is around nineteen months which means those senior citizens who live in a major metropolitan region would spend $100, 000 within long term care in addition to medical costs and prescriptions. If you have aging mother and father, or perhaps you are now a senior, long term care insurance may be some thing you need to consider, because once consumers need the benefits of a long term care policy, they may be physically, emotionally, or psychologically disabled and not in a position to assert their own rights.
Understanding the jargon of the long-term care insurance business and the comparing policies of different companies is essential to be able to insure you get the coverage you would like.
IS LONG TERM CARE COVERED BELOW MY HEALTH INSURANCE?
Health insurance and its supplements are not designed for long term care and will not cover nursing home costs. Medicaid is a welfare program that will acts as a safety net for health care yet does not address long term care and can not cover long term expenses for that average American. Medicare, although it does allow for skilled nursing care below certain eligibility requirements, also has restricted care. Without long term care insurance coverage, families and individuals must make use of their savings, assets and cash to pay the expenses incurred regarding long term care.
WHAT DOES LONG TERM TREATMENT INSURANCE COVER?
Most long term care insurance plans offer coverage in the following 4 basic areas.
1 . Rehabilitation doing the training at home or in a nursing home
second . Skilled nursing administered either at home or in a long term care facility
3. Daily needs such as consuming, bathing, dressing
4. Care of individuals with a cognitive impairment such as Alzheimer’s
HOW DOES LONG TERM HEALTH CARE INSURANCE WORK?
Similar to insurance product, the insured will pay a premium for long term health care insurance in order to protect against the high expenses of a health that necessitates long term care. Whenever purchasing long term care insurance there are different options that a buyer should be aware of.
Selecting Coverage. Many Long-term Care procedures offer an option that allows you to select whether you want coverage only for medical home care, or only for house care.
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Or, you can elect to select coverage that allows for a combination of care options that includes day care for adults, nursing home, and assisted living. You may also wish to choose another option offered by some long term care policies that allows for a friend or a family member to become paid to care for an individual at home.
Choosing Benefits. The length of the benefit period in which you will receive benefits from your own policy is determined by you. You may choose to receive benefits from two to 6 years, or you may wish to be protected for the rest of your life. Also to be considered is the amount of money an insurance company will pay on the daily or monthly basis. This is important to keep in mind as any care expenses that exceed the designated daily or even monthly amount of your benefits will have to be paid out of your own pocket.
Protection against Inflation. Long term care insurance policies offer two main types of inflation safety: automatic coverage increases and the ability to add coverage at a later date to your present policy. As health care costs always rise year after year this is a very important feature to consider or you might find out later on that your policy does not cover a great portion of your expenses.