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What Are The Advantages Of Purchasing Long-Term Health Insurance?

Published On Apr 26, 2022 11:00 AM By InsuranceDekho

Long-term health insurance, or long-term care insurance, refers to the type of policy people purchase to cover care for chronic illnesses, disabilities, or other health conditions on a daily basis for an extended period. The majority of employer-based health insurance does not pay for these extended care services, and Medicare covers just short stays in a nursing home or a short period of at-home care, so people choose to purchase long-term health insurance to cover this specialized care.

What Are The Advantages Of Purchasing Long-Term Health Insurance?

Advantages of Long-Term Care Insurance

Long-term care becomes incredibly expensive for people, and many people opt for long-term care insurance in the hopes that it offsets the costs of care. In fact, peace of mind is one of the benefits most seniors point to when they choose to purchase a long-term care insurance policy. They want to be sure they will have care for themselves, but they also want to ensure their long-term care needs will not impact their children.

Fortunately, long-term care insurance policies have improved in recent years. The policies have more explicit terms and conditions so seniors and their families have a better idea of what they are getting for their premium costs. Policies now typically offer extended coverage for assisted living facilities and traditional nursing home facilities. And, several policies allow seniors to draw from a pool of benefits from home care or long-term residential care rather than only for one type of care or the other.

The fact that many long-term care insurance policies now cover the cost of in-home care is one reason more seniors are opting to purchase them. Seniors who want to age in place maintain their independence longer and are more comfortable in their own home. They also have peace of mind knowing their insurance provides for someone to help with daily living activities. Qualifying for in-home benefits also is a little easier, as most policies now require seniors to need assistance with only two of the six activities of daily living for their benefits to take effect.

Conclusion

Long-term health insurance may be the safety net you or a loved one needs if you are concerned about the costs of assisted living facilities or in-home care. Keep in mind that there are several policy options and that you should carefully weigh the advantages and disadvantages of paying the premiums. But, don’t wait too long to make a decision because premiums are more affordable and your chances of qualifying are better when you purchase sooner, rather than later.

Also read- What Is The Appropriate Age To Buy Health Insurance?

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Disclaimer

This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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