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Long Term Care Insurance

Understanding Long-Term Care Insurance

When you come to the point where your medical needs are not covered by a traditional health insurance, you may need to tap into your long-term care insurance. This type of insurance covers your long-term care services, which can include personal care in many different types of settings, including your home, a nursing facility, or a community organization.

If you are unable to perform basic daily functions, then you may need some help to keep you clean and cared for. From bathing to dressing to eating to walking, it is thought that at least 60 percent of people above 65 will need long-term care at some point. It is important to note, however, that long-term care is not just an elderly issue, however.

How does this insurance work? Long term care policies reimburse you for services that help you deal with your daily tasks. The premium cost will be dependent upon several factors, including your age and the maximum number of days or years that the care policy will pay.

Two different types of policies are available. The first is a tax qualified policy and this policy requires the policyholder to meet specific factors that will dictate payment. This can include things such as not being able to perform two daily living activities for at least 90 days. A non-tax qualified policy only requires the doctor to state that they require care. Evaluating both types is essential to making sure there are no surprises.

Call us to learn more about long-term care insurance.