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What Does Long Term Care Insurance Cover?

By Compuquotes Team on March 27th, 2008
Long Term Care

A simple fact of life is that as we get older, the chances of a chronic or debilitating illness or condition affecting us increase. However, even those in the younger age brackets do need to consider long term care insurance, as there are many chronic conditions that can strike at any age.

While it is often possible to regain your health, your may require long term care services for a period of time during the illness or condition. These types of services are not cheap, so you need to think about where you would find the money to cover the costs of these services in the event you need to utilize them.

What is covered by long term care insurance depends entirely on the type of policy you take out. It is important to realize that unless you take out the broadest (and most expensive) cover, you will probably only receive a percentage of the total costs of long term care services.

Long Term Care Insurance

This type of broad coverage policy will cover nursing home costs, as well as most home care costs, which can include the following: help with carrying out daily activities, such as walking, bathing, dressing and eating, adult day care programs, some assisted living programs, counseling and nurse home visits. Full coverage, or a high percentage of the costs, are likely to be covered by this policy.

Nursing Home and Home Care Insurance

This policy provides a cheaper option if you want to be covered for both nursing home and home care, but a lesser percentage of the costs of each are covered, so you will still need to make up the difference from your own pocket. Most people find that this coverage is more affordable, while still covering them financially.

Nursing Home Insurance

This type of policy covers only the costs incurred within a nursing home. Any home care costs that may have been incurred prior to admittance to a nursing home will have to be covered solely by you. If you have the funds to cover a certain amount of home care, but not to pay the more expensive nursing home fees, then this type of policy provides a good option.

Home Care Insurance

This type of policy covers you only for home care services. The most basic of policies, if there is any chance that nursing home care will be required in the future, this type of policy does not provide good financial protection.

It is important to also understand all the exclusions of long term care insurance policies. They vary from policy to policy, but the most common exclusions are alcohol and drug addiction, intentional self-inflicted injuries and some mental illnesses.
The chances are high that at some point, you will need to use long term care services, especially as you begin to grow older. Depending on your financial situation, long term care insurance is something that you should seriously consider, especially as you near retirement age. Insurance coverage is a small price to pay for having peace of mind.

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