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Long Term Insurance

Long-Term Care Insurance

As the trend of the aging of the overall population of the United States continues, the amount of folks needing care in assisted-living facilities or nursing homes also goes up each year. As a result, the requirement of long-term care insurance is becoming a must-have for many families. It is important to keep in mind that Medicare will only pay for short-term stays in such facilities, so it is a wise move to obtain this insurance if at all possible. It is good to know that many employers offer this coverage as part of the benefits package, and, as such, the cost of premiums can be relatively less expensive.

Two major benefits in acquiring this kind of insurance are the fixed rates that are imposed when the policy is bought and that the premiums no longer need to be paid while one is receiving the covered long-term care. Long term insurance is generally quite comprehensive, which means that it will provide compensation for almost all the costs incurred by the individual. This insurance usually covers stays in nursing and assisted-living facilities, including hospice care. Care provided in the home, like private nursing and physical therapy is also covered. Additionally, adult day care and special care for Alzheimer’s patients can be covered too.

The expense of long-term care insurance varies depending on such things like where one lives, the age of the individual when purchasing the policy and one’s present level of physical health. Like most insurance, the more young and healthy one is at time of purchase, the less the cost of the premiums. Policies generally cost between $1,500 and $4,000 annually, depending on the criteria mentioned above.

Many insurance companies provide substantial discounts for long term plans if one is in good health when they obtain the policy. It is good to know that few people get refused coverage for these policies due to poor health or age, but it does happen. Approximately 25 percent of applicants were refused coverage in the 2012 year in applying for this kind of coverage.

Long-term care in a nursing home can be prohibitively expensive- this kind of insurance can help immensely in cutting down on these expenses and providing a vital level of care if needed for many years.