Long term care insurance: who is it for?
Long term care insurance is often confused with other insurance types, such as general healthcare and life insurance. However, long term care insurance covers expenses and other services not covered by traditional health insurance, Medicaid, or Medicare.
Much like life coverage policies, long-term care insurance (LTC or LTCI) provides protection for long-term care costs over a set period, e.g., one year, two years, or five years. LTCI is suitable for those unable to perform basic tasks, e.g., getting out of bed, cooking, going to the bathroom, walking, and performing other daily activities. It is not for those who are already sick, just those who require support when carrying out everyday tasks.
Those with nobody else to turn to
LCTI is essential for those whose family members are unavailable to care for them twenty-four hours a day. Instead, LTC will pay for a visiting, or in some cases, a live-in caregiver to help with everyday tasks you struggle with.
Similarly, without long-term care insurance in place, medical costs, caregiver wages, food, and other expenses may quickly accumulate, generating a large bill. With this insurance in place, you can be confident no financial burden will be placed on yourself or those that you love.
What are the benefits of purchasing lCTI?
Long term care insurance is generally targeted towards the older generation, those less mobile, and perhaps unable to perform everyday tasks at all, or as easily.
LCTI can provide twenty-four-hour care, providing peace of mind for your loved ones, and helping an individual through some of the toughest of times. This type of insurance can be purchased both for those living in a nursing home, in hospice care, Alzheimer’s facilities, or at home. The options are endless and designed to suit you – looking out for your needs.
To find out more about the Professional Insurance Plans long term care insurance packages, click here.