Long-Term Care Insurance

Long Term Care Insurance Policy
Congratulations. Youve finally made it to your post-retirement years in one piece. Now is the time to kick back and enjoy some of the best years of your life. However, there may come a time when you could use a helping hand to take care of your basic needs. For this reason, a long term care policy makes for a prudent investment.

Definition and Benefits
Long term care insurance helps take care of the expenses involved in long term care while protecting your family’s financial well-being as well as your savings and investments. If you or a loved one needs help with everyday activities such as bathing, feeding or dressing, having this policy on hand can help you or that loved one receive the best care possible during their post-retirement years.

The costs of those potential long-term care expenses can add up and chances are itll come out of your pocket. Medicare only covers brief stays in nursing homes or limited at-home care, but only under strict circumstances. Your employer-based health coverage wont take care of extended care services, either. With a long term insurance policy, youll have all of your bases covered and it wont take a big bite out of your finances.

Types, Terms and Conditions
The vast majority of care insurance policies are standalone, comprehensive policies that cover a variety of care arrangements, including nursing homes, assisted living, home care and adult day care. These policies may also pay for home modifications such as grab bars and wheelchair ramps.

Some policies are packaged with life insurance as an either/or long term care rider – if you need long-term care, the policy pays out stipulated benefits instead of life insurance. Otherwise, your beneficiaries will receive a death benefit. Another form bundles a fixed annuity with care benefits. With an LTC rider, your annuity will continue to grow as you constantly pay into it via rider fees.

Policy coverage amounts and limits depend on your specific policy. Some plans may specify care and services from licensed and certified professionals, while others allow you to higher independent or non-licensed providers.