 |
 |
 |
 |
||
 |
||
 |
 |
 |
Long-term care insurance
Long-term care insurance is an insurance that is offered in the United Kingdom and the United States. Long-term insurance covers aspects that are not usually covered by standard health insurance, by Medicaid and Medicare.
People, who need long-term care, are not sick in a traditional meaning of this word. They are unable to perform everyday activities, such as eating, toileting, dressing, bathing, and getting dressed and walking.
The determining factor in needing long-term insurance is definitely age. According to the statistic, about 60 percent of individuals over the age of 65 will require some kind of care during their life. Approximately 40 percent of long-term care insurance holders are between 18 and 64. The last tendencies show that Americans prefer to get this kind of insurance policy as much earlier. The main reason why they do it is that once a change of health happens, long-term care insurance may not available any more.
In the USA, famous Medicaid does not generally provide coverage for long-term care in home settings or for assisted living. Although, Medicaid still provides necessary services for low income individuals, who need nursing home care. People, who need long-term care, prefer receiving it at home or in an assisted living facility.
Adult care, respite care, hospice care, nursing home and Alzheimer’s facilities are covered by the long-term care insurance. After you buy home care coverage, long term care insurance can pay for home care from the first day it is needed. This plan will pay for housekeeper, therapist or private duty nurse up to 7 days a week, 24 hours a day.
There are much more benefits of long-term care insurance. For example, many individuals would not like to rely on their family members or children, but only on themselves. Long-term care insurance can help to cover out-of-pocket expenses. In fact, the cost of these services will rise dramatically without long-term care insurance. Huge bills can easily hurt your individual financial situation.
Long-term care insurance is gaining popularity in the United States. Premiums have remained stable in the past years; however they tend to rise, especially when consumers decide to buy insurance after the retirement.
There are too common types of policies available: TQ or Tax qualified policies are the widest spread policies. They expect that a person will require care for at least 90 days, and be unable to perform at least 2 or more activities, for example, bathing, dressing, toileting, without substantial assistance. All the benefits provided by this plan are non-taxable.
Another type that was formerly called traditional long-term care insurance and now it is known as non-tax qualified or NTQ. NTQ policies require the consumer to have inability of performing 1 or more activity of daily living.
Long-term care insurance can become very helpful and moneysaving. Consider it, especially if you have certain disabilities.