Long Term Insurance

You work hard for your entire life, and then one day you get to retire. Your retirement golden years are the time to enjoy all that life has to offer without worrying about punching a clock. That relaxation is time you have earned. Sometimes, people of retirement age might need assistance with their basic daily needs, such as bathing and dressing. The solution is a long-term care insurance policy that helps in time of financial need.

This coverage is for the payment of expenses from long-term care. It also protects your family financially, but keeping their savings and investments intact. Should you ever need assistance in going about your daily routine, such as when bathing, eating and dressing, then this policy is wise. It’s for anyone who wants to provide security to their family, while making sure their needs are met.

Long-term care can become a huge expensive burden. Most people do not have that type of money, and Medicare is for brief stays in nursing homes or in-home care. The majority of job healthcare benefits do not cover long-term care services. Long-term insurance fills the void, and protects you and keeps you from destitution.

This type of coverage is usually standalone, and provides many kinds of care options. This includes nursing homes, assisted living, in-home care and day care for adults. Modifications for the home are often included as well, such as items like grab bars and ramps for wheelchairs.

You might find these policies packaged with life insurance, as a separate rider. This means that if long-term care becomes necessary, then the policy allows for the payment of stipulated benefits instead of the life insurance. Beneficiaries may also still receive the death benefit, depending on the specifics of the policy. There is another option in which a fixed annuity is included with benefits.

The coverage amounts and limits depend on each policy. Not all long-term care policies are the same, so it is important to understand what you are getting. Read the paperwork carefully before agreeing to or signing anything. It is also important to note if the policy stipulates certain caregivers or facilities you have to hire for care.