Long term care is used to refer to non medical or custodial care and this care can occur within a multitude of settings. Some of the most common settings for long-term care may include a home, community, or facility. Since medicare typically does not pay for long-term care some of your options include out of pocket funding or long-term care. Since the cost of long-term care is quite high, out of pocket funding may only be best suited for those with an abundance of extra cash to help foot the bill. Long-term care insurance exists to help cover the cost of long-term care housing and services. Long-term care insurance works by reimbursing policy owners a daily amount to help cover the daily costs of long-term care. Many of these policies vary in how long and how much they will reimburse daily and you can select what works best for you. The cost of insurance will vary depending upon your policies benefits or features as well as upon your individual health profile. Some common factor which often influence the cost of your long-term care policy are:
- Optional benefits
- Years/days of policy
- Policy daily benefit amount
You should note that not everyone will qualify for long-term care insurance and insurers will have to decide whether to approve or deny you for coverage. Your chances for obtaining coverage may vary by insurer however, working with a licensed agent who understands the industry can drastically improve your chances for approval. There are however, some factors which may disqualify you for coverage such as an already existing need for long-term care at the time of application. Another disqualifying factor may be, waiting too long or until too old and in poor health to shop for coverage. You should compare the market for long-term care insurance before selecting a policy and make sure that the policy best fits your needs.
If you or someone you love is interested in Long Term Care or Long Term Care Insurance be sure to visit: LTC TREE for more information.