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Long Term Care Insurance Plans

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 Long Term Care Insurance Plans
Long Term Care Insurance Plans

Long Term Care Insurance Plans & Its Type

You never know what is in store for you in future, specially the condition of your health. As you grow older your physical strength and agility will decrease and after a certain age you may need assistance to carry out the daily jobs. Various physical complications can also leave you incapacitated. At these times, sustained medical care and assistance become the most important need. Long term care is the term used to denote this type of extended care for an individual due to some disability or medical condition. Younger people may also need long term care due to some accident injury or chronic medical condition.

Depending on the specific needs of an individual requiring long term care, they can either receive it at home or a special nursing facility. The skill of the nursing staff can also be chosen in accordance with the condition of the person.

It is needless to say that in this situation the costs associated with long term care will be quite substantial. The most practical way to stay prepared for this unfortunate situation is to take a long term care policy which can cover your expenses related to such needs.

Long term care (LTC) insurance helps to cover the costs of care at home, adult daycare, assisted living in a home, special nursing facility care, hospice care or other types of continuous assistance for medical conditions. Since the needs of each individual are different, various long term care insurance (LTC) plans have been formulated.

The basic types of long term care insurance policies are

  • Indemnity Long Term Care Plan
  • According to this, you will get back the total coverage that the plan is meant for irrespective of the actual expenses. Hence if your plan is supposed to give $300 each day during your care period, you will get that amount even if the actual cost is more or less than this amount. These policies come out to be a more expensive option.

  • Reimbursement Long Term Care Plan
  • This type of plan pays the actual amount that has been charged for the service even if the plan benefit amount is different. So, if the per day amount is $200, the plan will pay $200, even if the policy has the maximum coverage of $300. Since this is a more affordable option this is also the most popular choice.

  • Partnership Long Term Care Plan
  • In order to get Medicaid benefits for long term care, you need to show that you have minimum belongings and therefore unable to afford medical care.

    This type of insurance protects some of your belongings and yet lets you qualify to get Medicaid benefits. The daily benefit amount and the period are clearly mentioned in all the policies. These benefits of these policies may differ from state to state.

Since the average of individuals are increasing and lives have become more complicated and stressful, unfortunately more and more people are facing situations when they need long term care. Whatever the type of policy, you should have at least some kind of coverage and take the policy at a relatively young age.

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