Every healthy person somewhere deep in their mind worries about what will happen to them when their health deteriorates. This downturn in health could be gradual due to the onset of old age or sudden due to a person falling prey to an illness or disability. While short-term health insurance options are available to help you deal with this change in circumstances for you or your loved ones, it is important to consider long-term care insurance, which is a more sustainable and practical option.
While long-term care insurance isn’t something you actively think about when you’re in the prime of your life, you should definitely start planning for it. In today’s times, medical care and support are expensive, and if you’re not covered, your medical bills could disrupt the financial condition of your loved ones. Here are 5 facts that you must know about long-term care insurance:
Long-term care insurance covers the cost of care and support in the long term in various environments, such as your home, a community-based living facility or a nursing home.
Long-term care is usually very expensive as it requires round-the-clock specialised and customised care. When discussing your options with long-term care insurance companies, it’s important that you understand what each policy covers and if the same is suited to your future preferences and requirements. For example, if your policy covers nursing home care but not nursing care at home, you could be in for a long medical services bill in the future.
It is always best to opt for long-term care insurance before the onset of any serious diseases as research shows that long-term care insurance cost estimates rise as you grow older and your health deteriorates. Apart from age, other factors that contribute to long-term care insurance cost estimates are the maximum number of years of long-term care the policy will cover, the per day amount it will cover, and other additional benefits you may choose to opt for.
Long-term care insurance companies provide the option of individual long-term care insurance plans as well as long-term care insurance plans for couples.
In some cases, if you wait too long and your condition has worsened, certain long-term care insurance companies may not be willing to provide you coverage.
Now that you understand the importance of long-term care insurance, you must discuss the various options available for you with long-term care insurance companies to ensure that your sunset years are spent worry-free and with you being cared for in the best ways possible.