Long-term care insurance is usually specifically meant for people who fall ill as a result of the aging process and find themselves in the care of a facility that specializes in this kind of a service. Most people would recognize the described service as a nursing home.
Planning for the possible future need for long term care is crucial because Medicare will not provide compensation for the expense of living in a long-term care facility. Medicare will pay for such services as a doctor visit, medications, and a few other procedures. In some states Medicaid will compensate one for such additional needs, but there are still limitations and many medical facilities will not accept Medicaid.
So, it makes a lot of sense to obtain this kind of insurance as it helps to ensure that you will not be left out in the cold should a long term illness be visited upon you. Most major insurance companies do sell long term insurance coverage, though some provide only a flat rate per day while others will adjust the payment for inflation purposes for an upfront fee. Some will require a waiting period before they help to pay the costs of nursing home care.
Long-term care coverage will not guarantee that a monthly payment regime will cover the whole cost of a nursing home stay. It is important to keep in mind that you may have to access your savings or part of any investments or Social Security funds to help pay. Your family may need to provide some financial assistance depending on how long the nursing home stay may be. Without this coverage, however, the consequences would be far worse.
Few entertain the idea of having to leave their home and seek care in an assisted care facility, but circumstances can make it necessary. Many facilities offer private or semi-private rooms. Some even encourage a limited amount of personal furniture and other items. To find out more about this kind of protection for you and your family, contact an insurance professional today.