As we age the likelihood of contracting a long illness increases. Illnesses, such as Alzheimer’s disease, can endure for a long time and often require care over a long period of time. Such an illness can present an enormous burden and strain upon the family of the afflicted person. Taking advantage of a long-term care insurance policy can help make life easier for an individual and his or her family in facing such a health challenge.
Long-term care insurance expressed purpose is to provide the policyholder with financial help in meeting the high costs of long-term care.
Elements of care may include such aspects as home care from a nurse, institutional care or a visiting home health aide who assists the patient with daily activities.
A long-term care policy is purchased from an insurance company like any other policy. Often employees are offered this kind of policy as a part of a benefit package. These policies are generally uniform in that they pay for the same elements of coverage regardless of who provides the policy. This kind of insurance can cover in-home care so the policyholder can avoid entering a nursing home or hospital. It often can cover weekend care as well, which is often more costly.
These policies work similarly to other types of insurance policies. The policyholder pays his or her monthly premiums and the coverage remains intact.