The United States Department of Health and Human Services say, “70% of people turning 65 will need some form of long term care during their life.” Long term care is an insurance policy.This policy will pay for your personal and health care services if you get sick. Care insurance pay for services that may not be covered by health insurance, Medicaid, or Medicare. You will make a monthly payment to the insurance company for coverage. If you are unable to do two of the six daily living activities, you may receive long term care benefits. The six daily living activities are bathing, eating, dressing, toileting, transferring, and continence. Before buying the policy, review these details to help you make the right decision.
Long Term Care at Work
You can buy long term care policies from your employer. The employers rates are lower than individual rates. The insurance companies make more money when they write policies for employers. With group coverage, there might be no underwriting. In some cases, there is no medical requirements. You can also get coverage for your family members. If you leave the company, you can keep the policy, but you have to make the monthly payments to keep the care insurance.
Who is it For?
First, your health can change at any time. If you are sick, insurance will help pay your expenses. The heart attack or stroke can stop you from performing your daily living activities. Therefore, it is important that everyone get long term care insurance. Health insurance and Medicare will not pay for all the services you need when you get sick.
How it Works?
Next, select a policy that you need and can afford. Make sure the agent is licensed to sell long term policies in your state. Keep in mind that policies may exclude some health conditions. When the insurance company approve your application, you will make a monthly payment. If you get sick, the insurance company will pay you according to the contract.
Different types of Coverage
Then, you may receive $50 a day for adult day care. You might receive $200 a day for nursing home care, or $500 a day for assistant living care expenses. Your contract with the insurance company will explain what expenses will be covered. You can also get coverage from professional organizations or service organizations. For instance, you might be able to get coverage from a teachers union or an electrical workers service organization.
Long term insurance will reduce your out of pocket medical expenses.It will also protect your retirement and savings accounts. You can use the funds for home care, for caregivers,for a nurse, and for hospice care.
Finally, protect your family with a long term care policy because an illness or accident can happen at any time.