The Use for Long Term Care Insurance
People with a chronic illness or disability often need long term care insurance. This type of policy assists with the cost of care. Nursing home care, home health care, assisted living or adult day care is usually covered by this type of policy.
Benefits offered by a job typically don’t cover extended services. And traditional health insurance also may not cover them. A physical exam may be necessary to purchase a policy, but it’s highly unlikely. If you do get this type of coverage from your job, then you can usually take the policy with you if you quit or move to a new job. You will have to pay the share no longer covered by your former employer.
Care for mental disorders or drug or alcohol abuse may not be covered. However, that depends on the policy. And some insurance companies might not issue policies to people with pre-existing conditions. To receive the benefits, the policyholder must need help with daily living functions, such as dressing, preparing meals, or using the bathroom. There are restrictions on the amount paid or number of years covered for certain benefits.
The cost of long term care insurance policies are affected by the policyholder’s age. It also matters about the maximum amount of services the policy will allow, as well as additional benefits purchased by the policyholder. This coverage is often expensive, so consider your needs and the affordability.