Long Term Care Insurance Policies
Who is Eligible for Long Term Care Insurance?
When people are unable to perform daily living activities, they might need long term medical care. Long term care insurance helps pay for this expense. Some examples of what qualifies as long term care include assisted living facilities, nursing homes, and home health aides. Traditional health insurance generally doesn’t pay for long term care. This insurance fills the gap.
People who are eligible for long term care insurance are usually policyholders who have experienced a life changing event. Because of this event, they now need to be taken care of for an extended period or permanently. Some policies allow the policyholder’s dependents or others named on the policy to benefit from the insurance.
How it Works
If you are eligible for long term insurance, then your healthcare provider will deal with your insurance company. Your health insurance should cover their part of the expenses first, and then your long term care coverage will handle additional expenses. You will have to pay any expenses that remain.
Employers and Long Term Care
Many employers offer this insurance to their employees. Payroll deductions pay for the policies, but some employees might have a different payment option. You can speak with your employer to learn more about the benefits or to change benefits.
Long term care insurance generally covers daily living expenses of the policyholder while they stay at a long term care facility. This includes medical costs not covered by your health insurance.
Long term care coverage gives you independence from relying on family to pay for your expenses. You are less dependent on others, plus you save money from tax deductible premiums and excludable benefit payments.
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