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Long Term Care Insurance


Long term care insurance is generally designed for those who fall ill usually due to old age and find themselves in a care facility that specializes in this kind of service. Most would call the described service a “nursing home.”
Planning for a possible future need of long term care is quite important as Medicare will not provide coverage for the costs of living in a long-term care facility. Medicare does pay for services like doctor visits, medication, and some procedures. In some states Medicaid might provide compensation for such additional needs, but there are limitations and many medical facilities simply do not accept Medicaid.
So, it is smart to consider this kind of insurance as it helps to ensure you will not be bereft of options should a long term illness strike. Most major insurance companies sell long term insurance coverage, though some limit the payout to a flat rate per day while some adjust the payment for inflation for an upfront fee. Some will also impose a waiting period before they release funds to help defer the costs of a nursing home.
Long term care policies do not guarantee that a monthly payment regime will handle the entire cost of a nursing home stay. It is vital to keep in mind that you may have to utilize savings or cash out any investments to help pay. Your family may need to help with some financial assistance as well depending on how long the nursing home turns out to be. Without this coverage though, the consequences would be much worse.
Many facilities offer private or semi-private rooms. Some even allow personal furniture and other belongings. To find out more about kind of insurance for you and your family, contact an insurance professional today.