Objective of Long Term Care Insurance
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Posted On :
Jan-31-2012
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Article Word Count :
566
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Long term care insurance shoulders the cost of services needed as you grow old or when you become disabled. It pays for the cost of your custodial care, medical care and even facilities like nursing home and assisted living facilities.
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Perhaps the word care makes people think long term care insurance (LTCI) is synonymous with their health insurance policies which they’ve been paying for in installments for many years now. So what is long term care insurance, really?
It is what you’ll need when you’re old and frail, disabled or injured. It does not cover dental and vision treatments and other related medical services. It is intended to cover long term care (LTC) expenses.
Long term care refers to a wide array of services which are provided to people who are in need of physical assistance and emotional support due to disability, injury, or functional limitations set by old age.
An LTCI policy serves as one’s passport to a nursing home once she has developed a chronic illness such as cancer, heart disease, osteoporosis, or Alzheimer’s that hinders her from living normally and independently.
LTCI policies also pay for in-home care, one form of LTC which is basically designed for the disabled and frail elderly who can no longer perform the activities of daily living (ADL) without assistance.
Besides nursing homes and in-home care, this type of insurance product also provides coverage for community-based LTC facilities such as assisted living centers.
Comprehensive LTCI policies encourage people to live normally in spite of their old age or illness by granting them access to any type of LTC setting which suits their health care requirements. However ideal its benefits, an LTCI policy is not intended for everybody. It’s actually designed for planners and not last- minute thinkers.
What is Long Term Care Insurance and Who Needs it?
Losing the ability to carry out the simplest day-to-day activities due to a chronic illness, injury or weakened bones resulting from old age can be devastating. Imagine spending 50 years of your life earning your own money, cooking your own meals, shopping for your own stuff, and cleaning your own house only to wake up one day with all these snatched from you by a debilitating health.
Nothing can feel worse than having to depend on other people’s hands to fulfill your simplest needs such as bathing, eating, dressing, and toileting among others. Although it may seem far from normal, requiring care from others is normal and everybody will experience this at some point in his life.
When it’s your turn to experience LTC just be sure that you don’t touch your nest egg because once you start using it to pay for care, there is no turning back. You will wake up one day not only needing physical assistance and moral support but financial help, as well.
There is no other way to avoid falling into such situation but through a good LTC plan. Right now the best recommendation of financial advisers and elder care specialists is an LTCI policy as this will not only allow you to receive care in your preferred LTC setting but it will also protect your assets from dwindling down.
If you’re still wondering what is long term care insurance, the experts will simply tell you that it’s the most important investment you can make in this day and age.
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Article Source :
http://www.articleseen.com/Article_Objective of Long Term Care Insurance _141624.aspx
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Author Resource :
Save time and money by visiting Completelongtermcare.com and take advantage of long term care quote and CLASS act information we offer for free.
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Keywords :
what is long term care insurance, long term care quote, CLASS Act ,
Category :
Finance
:
Insurance
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