One of the ways that you could pay for Long Term Care is through long term care insurance. Evidently, this is on the top of our list when it comes to our suggested options for you. Long term care insurance is a policy that is specifically designed to get you covered when time comes that you’ll need long term care.
Essentially, signing up for long term care insurance is a smart move if you want to be sure that you’re taken care of in the future, may it be due to a chronic condition or simply because of the infirmity of age. Most people opt for this policy because they don’t want to rely solely on their families when such time comes.
Coverage
Long term care insurance can cover a wide range of long term care services. A long term care policy can pay for custodial or professional care that you may require. Furthermore, it can cover home care services or care administered in facilities such as nursing homes, adult day cares or assisted living facilities.
The range of coverage that long term care insurance can give is wide and can be very flexible. It all depends on your needs and what you signed up for. It is important to note though, that the more comprehensive the coverage, the higher the premiums. Therefore, it’s wise to have a clear knowledge of what your needs to make sure that you are signing up for the right policy.
How It Pays Off
Generally, long term care insurance will pay a certain daily amount for a certain period of time, say for example, a coverage that will pay $200 per day for 5 years for long term care services.
Long term care costs are rising, therefore you may wonder if your policy can still keep you fully covered by the time that you actually need long term care. The good news is it can and that is through an inflation protection. This policy feature can protect you from making our-of-pocket payments in the future.
Risks
“What if I don’t need long term care at all?” This is a questions that baffles many when it comes to deciding whether to sign up for long term care insurance or not. It is highly feasible that you will, given that 70% of individuals at the age of 65 will require long term care. Meanwhile, 41% of people below 65 years old will need a sort of long term care due to disability or illness.
Evidently, as with all things, there is a risk with long term care insurance. However, you can think of it this way. You don’t sign up for a car insurance and wish for it to get wrecked just so your policy can pay off claims. You sign up for it because you want it to be covered should it get involved in an accident.
Remember, an insurance policy acts as a safety net for your assets should an unlikely incident happen. Long term care insurance can provide you with exactly that.
