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Long Term Care

Long Term Care Insurance Policies

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Introduction to Long Term Care Insurance

This type of coverage is designed to take care of you when you can no longer do so yourself, especially in your elder years. Due to several medical advances recently, people are indeed living longer lives. This means that many older and/or ill folks will require assistance in their final years. This type of assistance, whether it is in the form of in-home care or that of an assisted-living facility, can be quite expensive and certainly often adds up very quickly to alarming levels. Long-term care insurance is what can help to mitigate these costs.

Who needs it?

Good long-term insurance is often tailored to provide assistance for those who are older. Policy terms do vary, but one can certainly find a long-term care policy with support for both stay-in or assisted living facilities, nursing facilities or even for a professional who will visit the policyholder at home to provide service. This is known as “in-home care.”

One can purchase this type of coverage as part of a standalone policy or as a supplemental policy add-on (or “rider”) for an existing life insurance policy. This coverage is also often made part of an employee benefits package as well.

What it does

This type of coverage can compensate for a myriad of long term care situations should one be faced with a chronic illness or if they become disabled in some way. This can include care in a nursing home, assisted living or even in the patient’s own home.

Different types of coverage

Keep in mind that insurance companies will compensate policyholder for between half and the entire bill for extended care. Below are a few of the other features that should be considered when considering this kind of care insurance:

• The Benefit Period– The policyholder has the freedom to choose how long care should be provided when the coverage is bought. Options include anywhere from a 2 to 10-year period.

• Elimination Period– Most of these policies will not pay out until after the first month of coverage or longer. Choices offered are usually 30-, 60-, 90-, or 180-day periods.

• Automatic Inflation Protection- It almost goes without saying that the earlier one purchases such a policy, the longer it can accrue interest, which can also mean larger pay-outs.

• Shared Couple Benefit– An benefit can be chosen that allows a spouse to utilize the other spouse's benefits.

The Benefits

Anyone who would like to know that their loved ones will not be burdened in having to deal with their care in their final years and who wish to be properly cared for, are perfect candidates for good long-term insurance. For instance, nursing home care can often mean overwhelming costs, sometimes hitting six figures, so even if one is relatively affluent this coverage can still be greatly prized. In fact, this type of coverage is actually relatively reasonable for just about any income level.

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