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Many years ago, people secured their future health needs by purchasing health insurance policies. Nowadays they have more options as long term care insurance policies sprung forth more than 35 years ago. Experts on LTCI say insurance companies have various products and no two are exactly alike. Those who purchase health insurance policies will be receiving benefits that are totally different from what policyholders of long term care insurance policies are getting; although they may seem the same because both types of insurance concern people’s health. Long Term Care policies have a wider coverage which is not simply limited to dental health, vision or hearing impairment. Generally speaking, LTCI ensures the person suffering disability a normal life despite his inability to perform some or all of the basic activities of daily living such as bathing, eating, dressing up, and walking, among others. People nowadays have longer life expectancy, and every year the population of long term care seekers increases, so this calls for the need to provide them with the proper healthcare. LCTI offers more features than the regular health insurance, as it covers everything from home care, assisted living facility, adult day care, to nursing home. LTCI was primarily designed for the elderly but research as of late revealed that 37% of the population, comprised of individuals aged 64 and younger, are badly in need of long term care due to cognitive impairment which was triggered by Early Onset Alzheimer’s Disease and other similar health conditions. Your regular health insurance policy will not cover certain types of health disorders such as Alzheimer’s, diabetes, multiple sclerosis, and Parkinson’s disease. With an LTCI you have the assurance that regardless of what illness may befall you in the future, you will be covered by your policy according to the terms and conditions stipulated here. Some LTCI policies will only shoulder long term care expenses incurred in a nursing home but comprehensive policies allow policyholders to choose the setting in which they prefer to receive LTC. As soon as a benefit trigger occurs, a policyholder will instantly qualify for long term care, and his policy will cover all the expenses the insured would possibly incur within his benefit period. How to Choose a Policy Different types of LTC policies are laid out by insurance companies, each bearing unique features and offerings. The most important things to consider when you’re shopping for a policy are the benefit period, maximum daily or monthly benefit, and elimination period. For a rundown of the basic tax qualified LTCI policies, see the following: • Reimbursement LTC Policy – Your policy pays the exact amount that you incur. Let’s say the maximum daily benefit stated in the policy you signed is $500 but your bill only amounts to $250, so your policy will only pay the latter while the remaining $250 will be returned to your pool of benefits for your future use. • Indemnity Insurance Policy – Regardless of how much you’ve incurred in long term care, you will receive your maximum daily benefit. For instance, your maximum benefit is $300 so this is what you will receive even if your expenses only amount to $200. • Partnership LTC Policy – Designed for individuals who have assets to protect but also wish to be eligible for Medicaid assistance. ----------- Get accurate estimate of your Long Term Care insurance premiums and understand the benefits of CLASS Act by visiting Complete Long Term Care website.
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