Long Term Care Insurance
Long-term care insurance helps pay for long-term care expenses. These expenses include services that assist patients with basic needs, such as dressing and eating. Anyone can need long-term care, and it’s not limited to elderly people. Anyone with a chronic illness or failing health may need long-term care. However, a person who is young and healthy can get this coverage for favorable rates.
How it Works
Long-term care insurance can be used for various types of care. The policyholder can receive care from anywhere. It is covered no matter where it is received. Care can be provided in a home, assisted living facilities or nursing homes. The policyholder can file a claim when they aren’t able to perform several activities associated with daily living. Coverage is usually available to those expecting to have difficulty with the issue for a minimum of 90 days.
This type of policy offers a range of coverage. You can receive professional medical support for health challenges and other cognitive challenges. There is also basic coverage for those who require minor assistance.
You can also get help paying for home care assistance, which supports basic grooming and housework required in a home. This coverage also pays for adult day care that covers supervised care necessary during the day and assisted living that gives individuals the freedom they need in a home setting. Nursing homes and home modifications can be paid for as well.
Generally, there are two levels of care: personal care and professional care. Personal care assists with normal daily activities and chore assistance offered in the home. The second level is for patients in a nursing home, care center or a private residence in need of professional medical care.