Long term care insurance is an insurance policy that will cover your medical expenses not covered by any of your other medical insurance plans in the event you need long term care.
Long term care is care that is provided to you when you can not carry out the needed functions for daily living.
When people think of care they usually think of nursing homes, and although this may still happen in some cases, there are many other options now that were not available years ago.
Long term care can be provided in your home and within your community in a lot of situations.
Who Provides Long Term Care In My Home? If you are able to stay in your home then there are many ways long term care can be provided.
Although many people assume that their long term care will be provided for by family members things have changed over the last 30 years or so, and this isn't always possible anymore.
Many families are smaller than they were 30 years ago and scattered all over the world, making providing care nearly impossible.
Also, in the majority of families today, both parents have to work just to make ends meet.
That doesn't always allow for the time and care needed for long term care.
There are other options however, such as an in home care giver who can care for your basic needs such as eating, cooking, cleaning, laundry and bathing.
Then there is the visiting nurse if you need assistance with any or all of your medical care.
There is also transportation that will assist you in getting to and from your doctor appointments, community activities and other places you need to go to maintain a good quality of life.
What is Not Covered by Long Term Care Insurance? All policies will vary depending on the amount of coverage you choose and what plan is best suited for you.
There are several things to check for when choosing a policy.
Many policies will exclude coverage for any long term care needs associated with Alzheimer's.
Since this is a disease that is mainly found in seniors you may want to look for a policy that will cover long term care that is a result of Alzheimer's.
Other common long care insurance policy exclusions include drug and alcohol related long term care, an acts of war, self inflicted injuries or suicide.
Some long term care insurance policies will also exclude any pre existing conditions completely or for 6 months after the purchase of a new policy.
This is exactly why it is best to purchase your care insurance policy as early in life as possible while you do not have any pre-existing conditions that will either effect your premiums or complete disqualify you from obtaining insurance.
While not all long term care policies exclude these issues it is suggested that you ask what exactly is covered or excluded before you purchase your long term care insurance policy.
What If Can't Afford Long Term Care Insurance? With many insurance companies you have the ability to choose what coverage or how much coverage you can afford.
This means that you can opt out of certain coverage or lower the amount of coverage you have.
For example, if standard care insurance will cover $150 per day of long term care but you can not afford the premiums for that you can opt to have your insurance policy only cover $120 a day.
This will decrease your premiums and make them more manageable in your daily life.
While you will have less coverage you decide that it's enough that if you do need long term care in the future you will not have a large amount of out of pocket expenses.
This allows you to choose not only the best policy and coverage, but also an insurance plan that will fit into your budget.
Compare Multiple Long Term Care Insurance Companies
Long term care is care that is provided to you when you can not carry out the needed functions for daily living.
When people think of care they usually think of nursing homes, and although this may still happen in some cases, there are many other options now that were not available years ago.
Long term care can be provided in your home and within your community in a lot of situations.
Who Provides Long Term Care In My Home? If you are able to stay in your home then there are many ways long term care can be provided.
Although many people assume that their long term care will be provided for by family members things have changed over the last 30 years or so, and this isn't always possible anymore.
Many families are smaller than they were 30 years ago and scattered all over the world, making providing care nearly impossible.
Also, in the majority of families today, both parents have to work just to make ends meet.
That doesn't always allow for the time and care needed for long term care.
There are other options however, such as an in home care giver who can care for your basic needs such as eating, cooking, cleaning, laundry and bathing.
Then there is the visiting nurse if you need assistance with any or all of your medical care.
There is also transportation that will assist you in getting to and from your doctor appointments, community activities and other places you need to go to maintain a good quality of life.
What is Not Covered by Long Term Care Insurance? All policies will vary depending on the amount of coverage you choose and what plan is best suited for you.
There are several things to check for when choosing a policy.
Many policies will exclude coverage for any long term care needs associated with Alzheimer's.
Since this is a disease that is mainly found in seniors you may want to look for a policy that will cover long term care that is a result of Alzheimer's.
Other common long care insurance policy exclusions include drug and alcohol related long term care, an acts of war, self inflicted injuries or suicide.
Some long term care insurance policies will also exclude any pre existing conditions completely or for 6 months after the purchase of a new policy.
This is exactly why it is best to purchase your care insurance policy as early in life as possible while you do not have any pre-existing conditions that will either effect your premiums or complete disqualify you from obtaining insurance.
While not all long term care policies exclude these issues it is suggested that you ask what exactly is covered or excluded before you purchase your long term care insurance policy.
What If Can't Afford Long Term Care Insurance? With many insurance companies you have the ability to choose what coverage or how much coverage you can afford.
This means that you can opt out of certain coverage or lower the amount of coverage you have.
For example, if standard care insurance will cover $150 per day of long term care but you can not afford the premiums for that you can opt to have your insurance policy only cover $120 a day.
This will decrease your premiums and make them more manageable in your daily life.
While you will have less coverage you decide that it's enough that if you do need long term care in the future you will not have a large amount of out of pocket expenses.
This allows you to choose not only the best policy and coverage, but also an insurance plan that will fit into your budget.
Compare Multiple Long Term Care Insurance Companies
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