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Long Term Care Insurance

Be Informed on Long Term Care Insurance

Even those who consider themselves healthy will likely still be candidates for help in the future should they ever be in a position in which they would have a difficult time being unable to accomplish such basic tasks as taking a shower or fixing a meal for ourselves. Accidents and unexpected illness will often strike regardless of how well and prepared one might be. Of course, many will always be fortunate enough to never require help in performing basic “activities of daily living,” (often abbreviated as “ADL”). There will also always be a large number of people who will end up being in need of daily care as a result of getting older. Most long-term insurance plans are designed for those who are planning ahead for the wide range of potential physical and/or mental challenges of being a senior citizen. However, these plans are equally pertinent for younger people who wish to be prepared should long term care become necessary as a result of some unforeseen illness or accident.

As this kind of coverage is engineered to take care of people when they are no longer able to do so on their own, and the fact that people living in these times will tend to live longer, this means that many elderly and/or ill people will need this coverage. This type of assistance, whether it might be in-home care or via an assisted-living facility, can be very costly and also add up fast to overwhelming costs without good long term insurance. Long-term care insurance helps mitigate much the costs associated with the above scenarios.
The elderly who can’t perform ADLs due to illnesses, cognitive issues resulting from illnesses such as Alzheimer’s disease or those who have prolonged disability challenges, can all greatly benefit from long term care services. Policy terms do vary, but there is a long-term care policy out there for those who need support for both stay-in or assisted living facilities, nursing facilities or even for professionals to visit the home to help the afflicted. (This is known as “in-home care.”)

Individuals can obtain this kind of coverage as part of a standalone policy or in the form of a policy add-on (or “rider”) for an existing life insurance policy, for instance. This coverage is also offered in many cases as part of an employee benefits package.

This kind of coverage can provide significant financial help for many kinds of long term care situations if one is faced with a chronic illness or becomes disabled in one way or another.
Insurance providers step in to give compensation that allocates anywhere between half and the entire costs of extended care. Below are some of the other possible coverage features that are usually considered when one is seeking long-term care insurance:

Length of Time of Benefits: One can choose how long care will be provided when the coverage is first obtained. One can choose from a 2 to a 10-year period of care provision.

Waiting Period: Most of these policies will only pay out after the first month of coverage is over (or after a longer waiting period). Options are usually 30-, 60-, 90-, or 180-day periods.

Inflation Adjustments: The earlier a policy is purchased, the longer it can accrue interest, which can lead to bigger pay-outs.

Shared Couple Benefit: One can choose to include a spouse in this coverage.

Obtaining this coverage can provide unequaled peace of mind in knowing that the policyholder and his or her loved ones will not be burdened in taking care of the policyholder in their final years, not to mention having to pay huge out-of-pocket for quality care. And, as a bonus for those considering this coverage, it is actually quite reasonable for even those of more modest income.






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