What is Long Term Health Care Insurance?
Long term health care insurance is a supplemental insurance policy that transfers
the risks of aging and illness to an insurance company. Long term care
insurance is meant to help you over a long period of time. It goes beyond
medical and nursing care you find in hospitals to care you can expect in
your home or in a facility (like assisted living or extended care facility,
also known as a nursing home).
Long term care needs might include such services as adult day care,
meals-on-wheels or home delivered meal services, home health aides, chore
services, visiting nurses or even respite services for caregivers. Long term
insurance policies may pay for some of these services depending on the type
of policy you have.
Long term care insurance is considered an important financial planning and
asset protection tool. The average cost of long term care in 2007 was
$70,000 a year. When a retiree or retired couple is faced with these types
of costs they can quickly lose their lifestyle and security. The purpose of
long term care insurance is to transfer financial risk away from the
consumer to the insurance company.
Long term care insurance is a complicated contract and needs to be understood completely before purchasing. According to an article at Lawyers & Settlements LTC insurance carriers (companies) have collected more than $50 billion dollars in premiums. When you have this much money at stake you - as the consumer - have to be very careful about what you do, the contracts you enter, and what you believe.
Read "Insiders Secrets to Long Term Care Insurance; the Ultimate Consumer Buying Guide" to learn what agent's won't tell you and companies hope you'll never find out. You'll learn what LTC insurance is, how to structure the perfect policy and discover the hidden loopholes and terminology that insurance companies use to restrict your benefits. Written by an ex long term care insurance specialist who now works as a consumer advocate.
