Long-Term Care Insurance 

You want to live comfortably in your golden years. A long term care policy can make sure you have the help and care you need when you need it.

The Basics of Long-Term Care Insurance
If you currently have health and/or life insurance, you might also consider getting long-term care insurance. Long-term care is defined as convalescent or in-home care for an indefinite period of time including custodial care, supervision, or even long-term medical care for the elderly or disabled. Long-term care insurance provides the means to get the care you need for an extended period of time, whether the care is provided in your home or a nursing home.

Long-Term Care Insurance Coverage
Long-term care insurance policies vary from company to company. This type of insurance might be available through group, individual or even life insurance companies. The coverage can include home health aides, physical therapy, speech therapy, skilled nursing care, and custodial care such as bathing, dressing, feeding, and assistance with other normal daily activities. The care might be given at a nursing home facility, in the home, in assisted living homes, or in the community. Most medical and life insurance policies will not cover these types of services, thus, creating the need for long-term care insurance.

Long-Term Care Insurance Benefits
Many long-term care policies pay a fixed dollar amount per day. This can vary from $50 to $200 a day, depending on the type of coverage. The benefit for in-home care is usually around half the amount of a nursing home care benefit. The rates for long-term care insurance vary by company as well. It's wise to purchase this type of insurance at a younger age and before a decline in health occurs, as these both will affect your premium and eligibility for coverage.

Who Needs Long-Term Care?
Long-term care is needed by people of different ages, though elderly persons account for the most long-term care given each year. Persons with a disability or chronic illness may require long-term care. Persons with dementia or some other cognitive impairment may need special long-term supervision. Family members aren't always able to provide the care needed due to the type of tasks required, or because of their living situation, work situation, etc. Long-term care insurance enables relatives to receive help from outside sources without the tremendous financial burden.

As you can see, long-term care can become a reality for anyone at any age. Having long-term care insurance will ease this great financial burden if and when long-term care is needed.