What Is Covered by Long Term Care Insurance?

By Compuquotes Team on April 30th, 2009

Long Term Care

It's estimated that there will be over twelve million baby boomers in the year 2020 that will need some kind of long term care. I think we are all pretty aware that the American government has already failed in its promise to provide things like Social Security and Medicare/Medicaid. So, who's going to be responsible for paying for the care or this older generation? Well, if we can be smart, there is product that you can get now that will help offset the costs. It's called long term care insurance and a lot of insurance companies offer this kind of coverage.

There are various kinds of care that the elderly can receive. In-home care and assisted living are just two of them and both of them are costly. While in-home costs can be hard to pinpoint exactly, the average cost of assisted living facilities reached an average of a little over $32,000 per year and increases about one to two percent a year. Nursing home care, which is pretty much full-time care, reached an average of over $75,000 a year. These numbers are scary and continue to climb. It's important to know what long term care insurance covers.

While coverages vary from company to company, there are some standard things to expect from long term care policies. First of all it's important to realize that long term care insurance is meant to cover someone who isn't necessarily sick but who can't take care of themselves, usually due to age. These people often have problems with basic life functions like going to the bathroom, cooking, cleaning, walking, dressing, getting in and out of bed, etc. Most of these policies can cover all three forms of care that someone might need, i.e. in-home care, assisted living and nursing home care.

In-home care usually covers live-in caregivers starting the first day they are needed. These people can include nurses, therapists, housekeepers or even just companions. Assisted living coverage typically takes care of rent for facilities and a few of the other fees that may be charged by the facility. The same applies to nursing homes. You need to make sure you know what the coverages are in your specific policy. Often, there are initial set up fees and other charges that need to be covered out of pocket because the policy won't pay for them.

One of the best things you should do is talk to an agent with a company that provides long term health care insurance to be sure your needs are going to be met. The younger and healthier you are when you get this kind of insurance, the cheaper it's going to be, even over time. Long term health insurance isn't only going to be important to you for your care when you get older, it may also mean talking with your parents. As uncomfortable and unpleasant as it may be, make sure you talk to your parents about what will happen to them as they get older. We'd all like to be able to take care of our parents as they get older, but the sad truth is, most of us can't.

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