HOW DOES LONG TERM HEALTH CARE INSURANCE WORK?
There are numerous plans available, offered by many providers. Some policies cover time at a nursing home only, others for in-home care, and still others, for a combination of options that can include nursing home facilities, assisted living, in-home care, or a stipend for a family member to become a caregiver to you.
Like any insurance product, the insured pays a premium for long term health care insurance in order to protect against the high expenses of a health condition that necessitates long term care. When purchasing long term care insurance there are different options that a buyer should be aware of. Choosing Coverage. Many Long-term Care policies offer an option that allows you to choose whether you want coverage only for nursing home care, or only for home care. Or, you can elect to choose coverage that allows for a combination of care options that includes day care for adults, nursing home, and assisted living. You may also wish to choose another option provided by some long term care policies that allows for a friend or a family member to be paid to care for an individual at home. Choosing Benefits. The length of the benefit period in which you will receive benefits from your policy is determined by you. You may choose to receive benefits from two to six years, or you may wish to be cover
