Long term care insurance is insurance that pays for a range of long term care activities. It is for people who are unable to take care of themselves due to disability or age. If a person is unable to perform simple tasks such as bathing, feeding themselves, or brushing their teeth, then they are qualified for long-term care.
Qualifying for Coverage
Age is not a determining factor with this insurance. A person of any age can qualify, but this policy is primarily used by older individuals. It is often obtained through the workplace to help employees upon retirement. This type of policy can pay for some expenses not covered by other insurance.
Importance of Long Term Care
Relying on family and friends to provide long term care often puts a heavy burden on them. Also, since they often are not trained you might not receive the best care. And even worse, you might end up relying on government assistance if they can’t afford the cost of care. Long term insurance helps prevent these situations by helping you pay for your own care.
Long term care is expensive. It is not cheap to hire nursing care or to live in a nursing home. Most people underestimate how much money they will need following retirement. Social security is often not enough to provide for things such as long term care. This is why insurance can help.