What Exactly is Long Term Care Insurance?
Of all the types of insurance you are accustomed to hearing about and shopping for, long term care insurance is the least well known. This may lead to you to ask, what exactly is long term care insurance? It is an insurance policy that provides coverage in case you need long term care (LTC) services sometime in the future. It is generally a type of coverage that is purchased by those in their golden years, but it can be beneficial for those approaching middle age as well. To learn more about long term care insurance, take a look around to learn about what exactly it is and what it can do for you.
Long Term Care Insurance—Long Term Care DefinedLong term care is services that help an individual perform the activities of daily living. These are activities such as eating, going to the bathroom, washing, grooming, dressing and several others. Needing help to perform these activities can come about for a variety of reasons. An accident that leaves you disabled is one such possibility. A debilitating illness is generally the most common. Cancers, Alzheimer's Disease, Parkinson’s Disease are all common ailments that can necessitate the need for long term care.
The Need for Long Term Care InsuranceLong term care is named such for a reason. The time period in which LTC is needed averages around 2.5 to 3 years and there are many cases that go on for 5 years or more. The scary thing is that one year of LTC can severely damage your finances, and in many cases can bankrupt you. The average cost of long term care services, depending upon the intensity of the care needed can range from $20,000 per year to over $100,000 per year. This is why the need for long term care insurance has come about.
When Long Term Care Insurance Becomes UsefulA long term care insurance policy is designed to protect you from these massive expenses. These policies will kick in when the beneficiary of the policy cannot perform a specific number of the activities of daily living. Generally, if you cannot perform 2 or more of these activities, then your insurance policy will kick in. As you compare policies, be sure to understand just when the policy will kick in and begin paying for expenses.
What is at Stake by not Getting Long Term Care InsuranceAs you age, you generally begin to accumulate wealth and sometimes debt as well. If you are forced into long term care, that wealth can quickly be siphoned away if you do not have a long term care insurance policy in place. Many people purchase a life insurance policy to leave behind funds for loved ones and pay off funeral expenses and other debts that have been accumulated. LTC can increase those debts considerably and wipe out the benefits of a life insurance policy as well.
Long Term Care Insurance QuotesIf you are interested in finding out how much it will cost you to get a long term care insurance policy, you can easily and quickly get quotes from insurance providers to see just how much it will cut into your budget. Of course, you will want to measure this cost against the potential extreme expense that can come with prolonged long term care. Make sure you get multiple quotes, as the more options you see, the better your chances of finding affordable long term care insurance.
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