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What is Covered By Long Term Care Insurance?

Many people in the world today are considering purchasing long term care insurance. Perhaps you are considering the purchase of long term health insurance coverage. Perhaps you have a family member who is considering long term health insurance coverage. In either case, you likely are interested in finding more information about long term care insurance products.

Through this article you will be provided with some basic information about what is long term insurance and what is covered through long term care insurance policies in this day and age.

Of course, this article does not propound to be all inclusive when it comes to information about long term care insurance. Rather, this article is intended to provide you with an overview of long term care insurance and what is covered under the terms and conditions of a typical long term care insurance policy.

 

The History of Long Term Care Insurance

Long term care insurance is a policy taken out for aged people who don’t want to risk loosing their life’s savings or assets if they become ill and need long term care. Medicare introduced a new policy in 1983 regarding long-term care in hospitals. Instead of paying for the patient and their stay, Medicare now pays a set reimbursement amount regardless of the patient or their stay.

What this means, is once the Medicare money runs out for their stay, the hospital discharges the patient as soon as possible. This leaves the patient the option of using an aged care facility such as a nursing home, or recovering in their own home with in house care-givers visiting daily.

Both of these options are expensive for the patient and can quickly deplete a person’s life savings. By taking out a long-term care insurance policy a patient can cover themselves and their family in the event of long-term care being needed for disability or illness.


Typical Coverage Under a Long Term Care Insurance Policy

A long-term care insurance policy will cover a person for a range of things, depending on what type of policies are chosen and the extent of the cover. These factors will have a lot to do with the cost of the insurance. Some of the coverage options available are:

  • Daily benefit amounts for care, this can be for between $50- $300 per day.
  • Benefit periods which can be decided by the person wanting the insurance, the amount of time can be between 2 years to lifetime or unlimited. It is up to the person wanting the insurance.
  • Elimination periods are the amount of time a patient will pay for care before their insurance policy begins to pay, this varies between 0- 100 days.
  • A facility only coverage is when a person has the option of choosing nursing home, or in home assistance only. This is often the cheapest option.
  • Home or community care offer the person between 50- 100% of the daily nursing home cost, or there are home care only policies available.

 


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