“Long term care” refers to the assistance that people with chronic illnesses, disabilities, or other conditions will need on a daily basis over a long period of time. This help can be for different things such as simple activities like bathing, dressing, and eating; to specialized care provided by nurses, therapists or other health professionals. Unfortunately, employer-based health insurance policies will not pay for daily or extended care services. While Medicare sometimes covers a short stay in a nursing home or a small amount of at-home care, they are usually inadequate for a person with substantial health issues.
Since it is impossible to predict what your future health needs will be, you should purchase a policy that offers flexible options for your long term care. A good long term care policy can help you pay for the care you need, whether you are living at home or in an assisted living facility. Long term care insurance can even pay for adult day care, care coordination, and other important health related services. There are even some policies that will help pay for the costs of modifying your home so that you can keep living in it safely.
You should consider the following factors when purchasing a long term care insurance policy:
- The cost of premiums
- How much income you have
- What your personal support system is
- How much you have in savings and investments
- What your tax situation is
There are numerous types of long-term care insurance policies that you can choose from, like:
- Employer-sponsored plans
- Organization offered plans
- State partnership programs
- Joint policies
It is also important to note that insurers will often turn down applicants due to preexisting conditions. You should look into how preexisting conditions can affect your long-term care policy before you purchase a policy.
Do you have more questions about long-term care insurance? Contact our team of Atlanta insurance administrators to find out how we can help you today.