Long-term care insurance is a benefit that is often available for purchase in company benefits packages. This insurance plan can be exceedingly beneficial to anyone who will need any sort of long-term care later on in life. The following explains more about long-term care insurance and how it can be a wise investment:
Long-Term Care Insurance Defined
Long-term care insurance is a plan that provides nursing or assisted living home care for individuals. It is a form of backup to the funding that is already in place for long-term care, such as retirement plans and pensions. Long-term care insurance is a good option for anyone who is unsure whether or not they will have enough funding for a stay in a nursing home facility. It can also serve as a safety net in the event a financial crisis should occur before one reaches an elderly age. It is meant to provide care for anyone who believes they will need any sort of help as they get older.
Long-Term Care Insurance Coverage
This type of insurance provides for assistance in common everyday activities such as eating, bathing, getting around the home, and so on. It also provides for care in those who have suffered from cognitive ailments such as Alzheimer's or dementia.
Long-term care insurance can be very beneficial when one needs specialized assistance not covered under medical insurance. Skilled care facilities such as nursing homes, physical or occupational therapy, ongoing respiratory care, or other therapies that may or may not be required every day are easily covered with long-term care insurance.
Best Uses Of Long-Term Care Insurance
According to the American Association of Home and Services for the Aging, 69 percent of individuals will require some type of long-term care in their lives. This insurance coverage is ideal for those who do not fall below the poverty line or do not have enough financial resources to ensure for both their own long-term care as well as their family's needs.
Many people expect that the federal government will automatically provide full medical coverage at a certain age if there is little retirement funding left for long-term care. However, this is typically reserved for those who qualify for Medicaid. For those who have any assets at all, purchasing a long-term care insurance plan would be extremely beneficial.
Timeframe For Purchasing Long-Term Care Insurance
Those who are interested in purchasing long-term care insurance should plan to do so at close to 65 years old. At this age, people are able to better determine how much money they will need for their care in the future. Younger individuals may not be able to definitively discern what their financial situation will be by the time they are elderly. For more information about purchasing this kind of insurance and planning for your future, contact an insurance law attorney.