Long term care insurance or LTC is an insurance product which helps in providing long term care to the insurance holder beyond the time period determined initially.
This is not a product which covers the sick in the literal sense; it covers the people who are unable to do their daily chores themselves like, bathing, continence, toilet and eating.
This is an insurance product which is generally sold in United Kingdom and the USA.
This product does not cover the illnesses covered by Mediclaim.
Though age is not a determining factor for this insurance but generally this product is popular amongst those who have crossed 65 years of age.
Long term insurance care includes hospice care, respite care, nursing home and home care.
It is especially useful for people suffering from Parkinson's and Alzheimer disease.
When such an insurance cover is taken for home care it covers the cost of companion, housekeeper or the caregiver, 24x7.
Apart from that, this kind of insurance also does away with the support that a person may require in his old age from his children or other family member.
Now long term care insurance can take care of the person without getting his or her savings depleted, or be at the mercy of his children.
That apart the premium paid for such an insurance cover is also eligible for tax deductions.
These kinds of policies provide for cover for daily benefits.
Generally most of the policies range on the payout of $50 $300 per day.
It is better that one buys a long term care insurance cover at an ideal age.
The later one decides to purchase, the expensive will it get for him or her.
The ideal age to buy one is when one is middle aged.
The premium rate for such an insurance policy is worked keeping in mind the age of the insured, the daily or the monthly benefit that he seeks, the protection against inflation, the elimination period of the policy and the general health of the insured.
Most companies also offer couples or multi life policies just to offer attractive discounts to those seeking such policies.
Protection against inflation is one of the most important governing factors for a person to seek such a cover because the cost of maintenance is expected to raise manifold in view of the inflation.
Even if decides to keep aside his savings, the ever escalating cost factor may make the sane insufficient in future.
These kinds of policies have been getting popular in the US by the day.
Since the mortality rates have gone down and the life expectancy rates of the Americans have gone pretty high, more and more people are resorting to these policies.
Though it is obvious that the long term care insurance does away with the dependence one has on his children for his or her upkeep in the old age, it can also come in handy for people who are in the same sex community.
Since the couple in the same sex communities cannot carry forward their families, this kind of policy comes as a boon for them.
It gives them the assurance of being looked after in their old age without having to worry about the escalating bills on their maintenance.
Most of the policies are comprehensive policies which include the home care coverage, assisted living coverage and nursing home care coverage.
Nitty gritties like the daily payouts that one would want, the total time limit you until which one would want the coverage and waiting period are worked on case to case basis.
The premiums stay same every year unless the company concerned decides to hike it all across the board.
If one compares the advantages accruing from a long term care insurance cover plan, it is difficult that he or she may refrain from getting covered with one of them.
This is not a product which covers the sick in the literal sense; it covers the people who are unable to do their daily chores themselves like, bathing, continence, toilet and eating.
This is an insurance product which is generally sold in United Kingdom and the USA.
This product does not cover the illnesses covered by Mediclaim.
Though age is not a determining factor for this insurance but generally this product is popular amongst those who have crossed 65 years of age.
Long term insurance care includes hospice care, respite care, nursing home and home care.
It is especially useful for people suffering from Parkinson's and Alzheimer disease.
When such an insurance cover is taken for home care it covers the cost of companion, housekeeper or the caregiver, 24x7.
Apart from that, this kind of insurance also does away with the support that a person may require in his old age from his children or other family member.
Now long term care insurance can take care of the person without getting his or her savings depleted, or be at the mercy of his children.
That apart the premium paid for such an insurance cover is also eligible for tax deductions.
These kinds of policies provide for cover for daily benefits.
Generally most of the policies range on the payout of $50 $300 per day.
It is better that one buys a long term care insurance cover at an ideal age.
The later one decides to purchase, the expensive will it get for him or her.
The ideal age to buy one is when one is middle aged.
The premium rate for such an insurance policy is worked keeping in mind the age of the insured, the daily or the monthly benefit that he seeks, the protection against inflation, the elimination period of the policy and the general health of the insured.
Most companies also offer couples or multi life policies just to offer attractive discounts to those seeking such policies.
Protection against inflation is one of the most important governing factors for a person to seek such a cover because the cost of maintenance is expected to raise manifold in view of the inflation.
Even if decides to keep aside his savings, the ever escalating cost factor may make the sane insufficient in future.
These kinds of policies have been getting popular in the US by the day.
Since the mortality rates have gone down and the life expectancy rates of the Americans have gone pretty high, more and more people are resorting to these policies.
Though it is obvious that the long term care insurance does away with the dependence one has on his children for his or her upkeep in the old age, it can also come in handy for people who are in the same sex community.
Since the couple in the same sex communities cannot carry forward their families, this kind of policy comes as a boon for them.
It gives them the assurance of being looked after in their old age without having to worry about the escalating bills on their maintenance.
Most of the policies are comprehensive policies which include the home care coverage, assisted living coverage and nursing home care coverage.
Nitty gritties like the daily payouts that one would want, the total time limit you until which one would want the coverage and waiting period are worked on case to case basis.
The premiums stay same every year unless the company concerned decides to hike it all across the board.
If one compares the advantages accruing from a long term care insurance cover plan, it is difficult that he or she may refrain from getting covered with one of them.
Source...