Long Term Care Insurance

Long-Term Care Insurance Explained

If your medical needs are not covered by traditional health insurance, then you may need to tap into long-term care insurance. This coverage is for long-term care services, which includes care in different settings, including the home, a nursing facility, or a community organization.

It can also pay for personal help, when you are unable to perform basic daily functions. From bathing to dressing to eating to walking, at least 60 percent of people above 65 will eventually need long-term care. While that is true, it’s not just an elderly issue because some younger people need care as well.

Long term care coverage reimburses you for services dealing with daily care. The premium you pay depends on several factors, including your age and the number of days or years the policy will cover.

Two types of policies are available. A tax qualified policy requires the policyholder to meet specific factors that dictate payment. The policyholder might have to be unable to perform two daily living activities for at least 90 days. A non-tax qualified policy is the most simple as it requires the doctor to simply state the policyholder requires care.

An insurance agent can tell you more about long-term care insurance.