Most people carry several types of insurance: health insurance, automobile insurance, house insurance, life insurance. These types of insurance can be invaluable in the event of catastrophe, paying for emergency surgeries or expensive medications, covering the cost of car or home repairs, or ensuring the financial well being of a surviving spouse or children. Long Term Care Insurance, as the name implies covers the cost of sustained care, typically associated with aging. While the other types of insurance are typically used after a critical incident such as an accident or illness, Long Term Care insurance is paid out over an extended period.
Long Term Care Insurance Overview
Long Term Care Insurance covers or defrays the cost of receiving care given by medical professionals, sometimes non-professional personnel, even family & friends (informal caregivers). The care includes medical care not covered by standard health insurance because of its chronic nature. This includes skilled nursing or therapies not associated with a specific illness. Long Term Care insurance also can cover costs associated with receiving assistance with:
- Basic Functions
- Household Chores
- Life Management
- Transportation
The care and assistance covered by Long Term Care Insurance can be received in a variety of settings, including nursing facilities, residential communities such as assisted living complexes, community-based facilities such as adult day care centers, or even the home of the person needing care. For many, the ability to continue living at home without sacrificing quality of medical care or being a burden to children or a spouse is the most compelling reason to carry a long term care insurance policy.