Before Purchasing Long-Term Care Insurance

Long-term care insurance differs greatly from health insurance and life insurance. It’s designed to provide financial protection for you if you find yourself in need of help with daily living activities, such as eating, changing, bathing and dressing. However, there are many health conditions that might preclude you from being able to purchase this type of insurance, so it’s important that your policy is purchased while you are younger, and prior to developing any precluding health conditions.

Understanding Long-Term Care Insurance

Long-term care insurance protects you in situations that require longer periods of coverage than would be possible with conventional health insurance. These can include personal care, as well as custodial care. Long-term care insurance provides daily reimbursement to policyholders based on a pre-agreed amount. These payments are designed to ensure you have access to services that you need during long-term care, including eating, dressing, and bathing. Each policy comes with a range of options and benefits to choose from, as well.

What You Should Know

There are quite a few things you should know about long-term care insurance. One of those is the fact that most insurance policies have duration and payout limits. Some will offer coverage for two to five years, while others might provide coverage for the duration of your life. These are few and far between, though. Prior to purchasing a policy, understand that your premium policy costs may increase without warning.

Cost Considerations

Here are quite a few things you should know about long-term care insurance. One of those is the fact that most insurance policies have duration and payout limits. Some will offer coverage for two to five years, while others might provide coverage for the duration of your life. These are few and far between, though. Prior to purchasing a policy, understand that your premium policy costs may increase without warning.