Getting long term care, or LTC, is expensive but necessary for millions of Americans. Rehabilitation following an injury or surgery, Alzheimer's care or getting help with daily activities can cost families tens of thousands of dollars per year. Many are surprised to find they need care, but health insurance and Medicare won't pay for the costs of an assisted living facility, in-home care or nursing homes. If you're worried about the potential financial drain of LTC, consulting a guide to long term care insurance can help you explore a payment option that is gaining in popularity. Try this long term care review as a start.
LTC insurance plans usually work by reimbursing a set amount of daily costs for long-term care. When you purchase a policy, you can decide how much daily care you expect you will need. More daily coverage, or a longer reimbursement period will mean higher premiums, but also lowers the risk you will have to pay any out-of-pocket expenses. You can also choose a total benefit amount, as opposed to a daily one.
Policies will also state what kinds of care they cover. In-home care costs are covered by many policies, including services like respite care for caregivers, chore services and in-home nursing. Some policies can even cover the costs of modifying your home, for example, if you need to make it wheelchair-accessible.
It's important to know what is not covered by long term care policies. There may be restrictions on pre-existing conditions, although in general those restrictions are dropped after 6 months. Also, care arising from alcoholism, drug abuse or self-inflicted injuries are usually not covered. Barring these circumstances, your coverage will kick in once you have met certain standards for needing care; being diagnosed with Alzheimer's or senile dementia, or not being able to perform a certain number of daily activities, like dressing and bathing.
There are many long term care insurance providers to choose from. The most common way to purchase a policy is through insurance agents. An experienced insurance agent can be a valuable guide to long term care insurance. An agency can represent one company, or several. Some of the most common companies that offer LTC insurance are GE, now known as Genworth, John Hancock, MetLife, CNA, and Hartford. Another option is to get group long term care insurance through your employer or a group like the AARP.
Now that annual nursing home fees have reached an average of $70,000 and other kinds of long term health care are getting more common, and costly, it makes more sense than ever to consult a guide to long term care insurance. Finding out about potential care costs, policy options and rates can help you make an educated comparison between policies and quotes.
For a further guide to long term care insurance, you can talk to financial advisors, an insurance broker, a health care advocate, or your state's department of health. Learning about the benefits, and risk, of insurance plans can help you take care of your future health. And you can now take advantage of excellent information by getting a free long term care insurance quote today.
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