Most people think traditional health insurance covers long-term care. They figure if they ever need to pay for long-term care, then they are good as long as they have health insurance. The truth is traditional health insurance does not always pay for long-term care. It will pay for medical care, but specialized daily care is usually not covered. That is why some people have long-term care insurance, in case they ever become disabled or ill and need daily long-term care.
Long-term care insurance pays for a person’s special needs during an illness. It includes in-home care by a nurse or home health aide. It also covers a stay in a specialized facility. Elderly people often benefit from this type of insurance. A young person can consider it as well, but the need might not be as pressing. On the other hand, long-term insurance plans are more affordable when the policyholder is young.
There is more than one type of long-term care policy. A policy might cover in-home care, out-of-home care or both. Other variable include the maximum that the insurance pays, and how long the care will last before the benefits cease. Other options are available, too. For instance, housekeeping services for in-home patients may be a part of the plan.
The main benefit of long-term insurance is it makes paying for long-term care easier. Families can go bankrupt trying to pay for health needs. In some cases, people are unable to get the care they need because it just costs too much. The insurance helps avoid that problem. In short, long-term care insurance removes the burden of worrying about finances.