Long term care insurance
(LTC) -
Do you need LTC?
Long term insurance important topics
What is long term care insurance?
Long term care insurance refers to the insurance for the service given to a
person who is suffering from disability or a prolonged illness. Activities
included and covered in long term care insurance are the assistance
and personal custodial care of a person in activities such as dressing and
bathing to providing skilled full time nursing and therapy help.
Why is long term care insurance valuable?
Medicare usually does not cover long term care insurance! Also, almost 40% of
the population requires long term care after the age of 65.Nursing home care is
provided by Medicaid only for those who qualify as satisfying poverty guidelines
Who should take long term care insurance?
While there is no denying that long term care insurance is valuable, the
extremely high long term care insurance premium that insurance companies charge
make long term care insurance prohibitively expensive for most people. People
usually find that they cannot pay long term insurance premiums especially at the
age that they need long term care.
In summary, long term care insurance is extremely valuable, but only those
who prefer to be financially independent and have huge personal assets that are
retained at an older age should opt for long term care insurance.
Custodial care is also usually not provided by long term care insurance- as
in any other insurance policy,it pays to read the fine print when taking long
term care insurance.
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