Long term insurance is highly debated, since a lot of people believe it is a waste of money while others believe it is essential to have. The truth is it actually depends on your condition.
What is Long Term Insurance?
This is a policy that will cover you should you happen to need daily care for a prolonged period. It is denoted as custodial care since it is generally organized to assist you with daily activities and not medical treatment. This includes getting dressed, bathing, eating, toileting, fixing up your house, etc. This care isn’t covered by Medicare or private medical insurance. Medicare usually covers a few costs for up to a ninety day period, and then you are on your own. It can be very expensive to an individual and their family. This insurance is built to cover the costs of care in the event that you need it. The care can be provided at home, in a nursing home, assisted living, or an adult day care. Since most individuals choose to stay at home this is an advantage with this type of insurance.
The big issue that most individuals have with this long term insurance is will they ever use it. The insurance premiums can be slightly expensive and frequently it isn’t used by the person and therefore the money is lost. However, when you do require the insurance,
it can be a relief to you and your family. It will pay all costs related care within a long term care facility or your own home, if done correctly. The company has the power to control the benefits of the policy in several ways. Therefore, you need to be certain you are buying a policy that is suitable for your needs.
Is this insurance suitable for me? This question is the most important one when talking about long term care insurance. There are several elements that will decide if this is right for you such as your assets, family situation among others. Long term insurance coverage is good to have and can provide financially stability and secure long term care in the event of a future crisis. If you don’t have anything in place, then you need to start to look into it to make your life more secure.