When it comes to long-term care insurance, many people are confused on the exact type of coverage provided. And while coverage does vary from one policy to the next, for the most part, this type of insurance is meant to cover the following types of expenses:
– Nursing home – In-home care
– Community-based care
– Assisted living
Most times, coverage will not go into effect until a loss of functional capacity causes the policyholder to need a substantial amount of care for longer than 90 days. As a person gets older, the more expensive it becomes to purchase long-term care insurance, thus making it extremely important to purchase it while you are young.
If you think that you won’t need long-term care services, you should think again. A very high percentage of seniors end up needing in-home care, with a large portion of them are sent to nursing homes. If you wish to be put into a private nursing home certified by Medicare, it’ll cost nearly $100,000 a year. If you don’t have this type of money to pay toward long-term care costs, you should definitely invest in a long-term care insurance policy to ensure your needs are covered.
You may or may not have to undergo a health exam to be approved for this type of insurance. If you do have undergo an exam, you can take comfort in knowing that there are many health conditions that won’t cause you to be disqualified for coverage.
Understanding the importance of long-term care insurance should not be underestimated. And not only will you benefit from a policy, but investing in one for your spouse and dependents is wise too. Just remember, the younger you are when you purchase a policy, the cheaper your premiums will be.