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Long Time Care Insurance Is More Necessary than Many Realize

When you think of necessary insurance, you think of your car, your home, your health, and possibly your life. Few people stop to think of long time care insurance, however, despite the fact that nearly fifty percent of people will need it at some point in their lives. This insurance is designed to provide coverage in the event of the need for prolonged care, whether it is hospice care, nursing home care, or an in home care provider.

Many people mistakenly believe that this care is included in their health insurance policies. This is simply not the case. Some state health care policies offer limited nursing home or hospice benefits, but programs such as Medicare offer no long time care benefits. Instead, if this care is needed and the patient is without the funds to pay for care, their home and other assets will be used to pay their medical costs. This can prove devastating to families as well as to patients who find themselves with no home to return to when they have recuperated.

Purchasing a long term care policy can offer great benefit. When you purchase insurance for floods or fires, you are typically buying a policy that you will likely never need because of the dire consequences of being affected by a flood or fire without insurance. Long term care is needed by nearly half of the population at some point in their lives. This means that these policies are less of a safeguard and more of a necessity.

It is important to realize that the premiums for long term care policies can be rather large, particularly as the policyholder ages, as the chances of the policy being necessary rise dramatically. While insurance is important, it is never recommended to purchase a policy that causes a severe financial burden or makes it impossible to fulfill basic financial needs. With that said, however, a long term care policy promises to provide you with the medical care needed in the event of an illness or injury without risking your financial assets.

Most long term care policies stop premiums when benefits are received. This means that if the policyholder develops an illness or condition requiring long-term care, they will no longer be financially responsible for paying monthly premiums while benefits are being provided. Looking for this clause within your insurance contract can be important, as stopping payments when they are still required can result in the loss of benefits.

Many people are unaware of the odds of needing long term care, and many are unaware that this care requires a special policy. If you or a loved one are at risk of a debilitating illness or of a stroke or heart attack, obtaining a long time care policy is even more important. Read the terms of any policy carefully, especially if you have a family history of Alzheimer’s, as many policies exclude the illness.

Long time care insurance can help you and your family make it through a financially and emotionally devastating situation. Without proper coverage, you risk not only significant financial losses, but the loss of your home and other tangible assets as well. Insurance policies are designed to help provide you with a safeguard in the event of a rare occurrence, but with such a large percentage of people finding themselves in need of long term care during their lifetimes, people need to understand that the bigger risk certainly lies in not obtaining the proper coverage. Long term illnesses and injuries can be physically and emotionally debilitating, but with the right coverage, they do not have to be financially debilitating as well.

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