Long term health care insurance is designed to pay benefits in the event an individual suffers a disability or chronic illness that requires long term medical care outside of the hospital. This medical care can be given in a long term care facility or in home care. You can purchase long term health care insurance in the United States and in the United Kingdom. Most other countries do not generally offer this kind of insurance. Other medical insurance policies do not generally cover long term health care needs. Long term health care insurance can be very expensive. Usually this type of policy is purchased by people who have a large enough income to afford it and who want to protect their assets in the even they ever need long term care. This kind of insurance coverage will provide for the persons daily need for care due to chronic illnesses like a stroke, Alzheimer’s and Parkinson’s’ disease. Such needs can include things like help with bathing, dressing, eating, medications, housekeeping and other such daily needs.
Long term health care insurance policies may not always fully cover the entire expense for staying in a long term health care facility. Typically these policies will cover about 70% of the expense of staying in a long term facility or for in home health care on a long term basis. The actual amount of coverage will vary depending on the policy. Although long term health care insurance will not cover the entire expense it certainly makes staying in such a facility or in your home when you need long term health care a lot more affordable. People who do not have long term health care insurance can lose every asset they have acquired over the years if they are ever in the position for needing such care. Once their assets are depleted they can qualify for Medicaid coverage, but then their choice of nursing homes is going to be limited and the level of care they will receive will not be as good. Protecting assets is the number one reason for buying this kind of insurance. When a spouse needs long term health care the impact on the family finances can be devastating. Most people will purchase this kind of insurance to protect their spouses in the event they every need this level of care.
It is estimated that 50% or more of us will need long term care at some point during our lifetime. To find the best long term health care insurance you need to shop around and get several quotes. The amount of coverage and prices can vary greatly amongst the different companies that offer this kind of insurance policy. You will want to get a plan that is flexible and that will cover in home health care or long term facility health care. You should be able to choose which kind of care you want to receive if you ever have the need for it. Before you purchase this kind, or any kind of health care insurance, check the financial stability of the company. You will want the company to still be in business years later if you ever need them to pay benefits.
How often the company raises its premium rates? Will you be able to afford the premiums when the rates are raised? It makes no sense to purchase a policy that you will not be able to continue to keep due to premium rate hikes. You should also find out how the company will determine when someone is eligible for benefits. Will eligibility be determined by doctor recommendation or by some other means? Before you purchase the policy you should also check with the Better Business Bureau to see if there have been any customer complaints filed against the company. If there have been complaints you should look for another long term health care insurance company to do business with.