Long Term Care Insurance is an insurance policy specifically designed to pay you in the event you are incapacitated from a medical issue, accident, disease or old age.
Most of us know someone that has experienced this or had a family member experience this situation. Who will care for you if you are unable to care for yourself? Some people think their spouse or children will do that for them. But, caring for an incapacitated person can be a tremendous burden.
Long Term Care Insurance gives you the choices to make decisions about your care by providing you a monthly tax-free dollar amount that you can use to pay someone to care for you.
The best policy available in the marketplace right now offers you cash indemnity long term care benefits for your comprehensive long-term care needs such as home care, assisted living, nursing home care, adult day care, informal care and alternative care needs.
Cash indemnity policies provide you the following benefits:
- Your full monthly benefit is paid to you every month.
- Informal caregivers, including your family and friends, can be paid to provide care for you.
- Doesn't require you to submit receipts to be reimbursed.
- Your benefits can be used to cover whatever you need for care up to your monthly limit.
- There are no worries about rates going up. Your premium can be paid in monthly for 7 or 10 years or a lump sum with no premium changes.
In addition, you can receive a refund of your premium should you change your mind and choose to cancel your policy after a few years.
There are many policies available that are labeled as Long Term Care policies. However, most are reimbursement benefit type policies not cash indemnity type policies. If you are incapacitated and in need of care, having to submit receipts for your care from a licensed care giver in order to access your benefits could prove to be a difficult and unpleasant experience.
Everyone should look into getting Long Term Care Insurance! The longer you wait the more expensive the policy will be.