Long Term Care Insurance Explained

Anyone who needs assistance accomplishing daily living activities because of a chronic condition, disability, illness, or the general infirmities of aging will likely need long term care insurance. It is the most-used type of insurance.

People are living longer and realize that when they are confronted by the infirmities of old age or a disabling health condition, they may remain in that condition and in need of care for a number of years. People buy long term care insurance for the peace of mind that comes from protecting their assets and knowing they will not burden their family.

Long Term Care Insurance Explained

Long term care insurance is often vital to paying for long term care. Very few people can afford to pay privately for long term healthcare without depleting their savings. Medicare doesn't cover solely custodial care, and will cover in-home nursing only on a strictly limited basis.

Long term care insurance provides coverage for people who must move into an assisted living facility or nursing home as well as coverage for homecare. The most common daily living activities requiring long term care coverage are bathing, dressing, and eating. The inability to perform these daily tasks is also frequently tied to the onset of diminished mental capability.

When purchasing long term care insurance, research your options thoroughly. Purchase long term care insurance only from providers that have financial strength and receive high financial safety marks from insurance rating companies.

Most long term health insurance coverage comes with a list of common daily living activities, and the beneficiary must be unable to do a number of them before coverage is triggered. Get a policy that has flexible coverage, requiring that the beneficiary need assistance in no more than two daily living activities, and be sure that one of these daily living activities is bathing. The daily task most people in nursing homes and assisted living facilities need help doing is bathing.

Many policies offer an "inflation rider" upwardly modifying your benefits for inflation each year. Some policies offer a 5% yearly increase and others link their inflation rider to the consumer price index. The policy that links its benefit payout to the consumer price index costs less.

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