Eligibility, Needs, Cost, Benefit Period & How to Buy ?
What is Long-Term Care Insurance ?
Long-term care insurance is a type of insurance that covers long-term care needs, which often result from chronic diseases & it can help you pay for the costs of ongoing care should you need it.
How Long-Term Care Insurance WorkS ?
Long-term care insurance offers home-health care, nursing-home care, personal or adult daycare for people who are 65 years of age or older that requires regular monitoring.
WHO IS ELIGIBLE FOR LTC INSURANCE ?
When you have a long-term illness, disability or disorder like Alzheimer's disease, LTC insurance helps to pay. Eligibility varies depending on specific policy.
Who Needs Long-Term Care Insurance ?
People often need long-term care insurance when they have a serious, ongoing health condition or disability, risk increases as people get older.
Type of CareS Covered under LTC Insurance
Long-term care insurance cover a range of care options that can help an individual with the ADLs, such as bathing, dressing, eating, toileting, transferring & continence.
BENEFIT PERIOD FOR LTC INSURANCE
Benefits period can vary depending on policy & individual's needs, but typically ranges from 1 year to unlimited period of time. Typical length of stay in a nursing home is 2.5 years.
Cost of Long-Term Care Insurance
Cost varies based on a variety of factors, such as policyholder's age, health, location, coverage options & length of coverage. On average, policy is around $2,000 to $3,000 per year.
How to Buy Long-Term Care Insurance ?
Long-term care insurance is available from insurance providers or through agents. Contact the insurance department in your state to verify licensing.