What About Long Term Care Insurance?
Long term care insurance is a terrific (and perhaps less well-known insurance) offering that is tailored to provide coverage that helps deal with the costs of extended care that traditional health insurance, Medicaid, or Medicare cannot cover. This often includes the costs incurred in the use of home health workers, assisted living situations and nursing homes. The usual disability plans will often have a maximum coverage time of six months, maybe a year. Essentially, good long-term care insurance will last for a greatly extended period of time, which tends to wipe away stress and anxiety that is normally associated with the alternative… This form of coverage can endure a year and longer and is a great choice for an individual to obtain to bolster any existing short-term coverage that is held.
What is Covered?
Good long-term care insurance can provide great coverage for practically anyone who opts to purchase such extraordinary protection. Supplemental coverage can be purchased so as to also cover one’s spouse, with the understanding that he or she does not have other options through their own job. Good long-term insurance can step in to cover a myriad of conditions and circumstances. Each insurance provider will enumerate its own litany of disabilities that it will cover for claims. For instance, a policy can provide compensation for such problems as diabetes, heart disease, broken bones, Alzheimer’s, and so much more. The policy can be extended to serve individuals who face mental health conditions as well. Having this extended coverage means that one can be assured of care and recovery in hospitals, visits to doctors and stays at nursing homes, therapy and so much more, even if it might take longer than expected. This coverage can be a big boon to the elderly or for those who are financially challenged since government programs such as Medicaid will not pay for this specialized, long-term help.
How it Functions
Long term care coverage functions similarly to other kinds of plans. The insured simply keeps up on the payment of their monthly policy premium payments and then, should some unfortunate event leave a person unable to perform his or her job responsibilities, long-term care coverage steps in to help. Once the covered person visits a doctor and obtains a diagnosis along with an approximate time for treatment, the insurance company will normally approve the claim and commence with the allocation of funds to the insured person via monthly payments, so as to handle all the requisite medical costs and accompanying living expenses. Benefits are sustained until the individual returns to work and is able to perform his or her duties.