Long-term insurance helps pay for medical care of people who cannot care for themselves. This type of coverage is not necessarily about medical issues, but is usually related to mobility. Medical insurance policies provided by employers usually have limited long-term care benefits, but that is often not sufficient.
The need for long-term care can happen at any time. It is not simply a matter of age. Young adults can receive injuries that may cause them to need assistance in their daily life. In this case, long-term care may be measured in months. Elderly people may become incapacitated due to age or illness, and need assistance for the rest of their lives. This is important to note, because Medicare does not pay for assisted living or nursing homes.
Some policies have an elimination period that serves as a policy deductible. A specific amount of time must pass before coverage pays for care. This is between one to four months. A longer elimination period equals lower premiums.
Most people think of long-term care as being in a nursing home. But this policy covers many things a person might need to maintain independent living. The benefits of long term insurance depend upon the policyholder’s needs. This policy might pay for having a nurse visit the home or having an aide to assist with hygiene. It can also include assistance with running errands and preparing food.