Long-term care insurance helps pay the costs of long-term care for people with disabilities, chronic conditions and illnesses, according to the American Association of Retired Persons. This can range from assistance with daily living activities such as eating, dressing and bathing to skilled care in a facility or at home.Continue Reading
Long-term care insurance is different than traditional heal insurance since it covers support and services over the long-term, not just immediate medical needs, notes the Administration for Community Living. Some policies reimburse policy holders for home services, facilities or community organizations, with benefits based on the services needed.
When buying a long-term care policy, consumers should look at how old they are when the policy is purchased, the maximum benefit per amount daily, the maximum number of days or years the policy will pay for and any other benefits the person might be able to use alongside the policy, according to the Administration for Community Living.
People in poor health or who are already receiving long-term care usually do not qualify for this type of insurance, notes the Administration for Community Living. There are also usually limits on what policies will pay; some may pay costs of care for the life of the policyholder if needed while others may put a time cap on the policy and cover a specific number of years only.Learn more about Insurance