Long-Term Care Insurance: Where Do I Get Coverage?

Long-term care insurance is generally needed by the elderly but it is also needed by other people who suffer with a debilitating illness or injury that makes it necessary for them to have assistance to perform the every day essentials activities that many of us take for granted, such as feeding oneself, bathing, and getting dressed.

So, where do you get long-term care insurance coverage? Although long-term care insurance is fairly new there are many companies that offer coverage. Group insurance is frequently offered through employers, this benefit is becoming more common and is offered to the employee and even to retirees in some companies.

Individual long-term care insurance coverage is a good option if you are not employed, are self employed, or if you are employed by a company that does not offer the coverage.Choosing the best policy for you will require you to do some homework to find the best coverage at a price that is right for you.

There are also some life insurance policies that offer long-term care coverage. These living benefit options offer policy holders to use a portion of their life insurance benefit to pay for long-term care instead of going to the beneficiary after the death of the policy holder.Some of these types of life insurance policy companies make this option available to all of their policy holders while other companies offer this option only to people buying new life insurance policies.

Now that you have an idea on where to get long-term care insurance you will need to know what is covered by the insurance.Long-term care is provided when a person is unable to do the everyday activities such as bathing, dressing, eating, and moving from one place to another, such as from a bed to a chair.Policies may cover care ranging from skilled to custodial care in a nursing home, home care, assisted living centers, and adult daycares.They may include skilled or non-skilled nursing care, physical therapy, homemakers and home health aides.Some offer respite care for the caregiver. Generally covered under long-term care policies are Alzheimer's disease and other organic cognitive disabilities which are the leading causes for admission into nursing homes and is one of the biggest concerns of the elderly.Of course there are always limits and exclusions to coverage and these will differ from policy to policy so be sure to understand completely what is covered and not covered by a policy.

When deciding whether or not to invest in a long-term care insurance policy you may want to consider your family history.If longevity or a chronic disease runs in your family you may need long-term care sometime down the road making it a wise investment.On average women live longer than men so women may have a higher need for long-term care.

Keep in mind that paying for premiums for long-term care insurance will be less expensive than paying for the long-term care out of a savings account.Before you purchase a policy make sure that you not only compare the rates but also the benefits that are offered.Look at the policies of different insurance companies and independent brokers.You may even want to consult with a financial planner or a lawyer about what is best for you and your family.The trick is to buy a policy before you need it and become uninsurable.The older you get, the more expensive the premiums may become.

Whether or not you get a long-term care insurance policy through your employer or just purchase one on your own it is important to remember to shop around.There are many different companies that offer long-term care insurance policies with many different types of coverage.Compare premium rates and benefits to ensure that you are getting the best policy for the future needs of yourself or your family members.