Benefits of Long Term Care

Comparing long term care policies is difficult because many policies provide different levels of coverage.

Most insurance companies offer to pay a fixed price every day you receive care. Others offer to pay a portion or percentage of the cost of services or a specific amount of money to cover the actual charges for care.

There are no "standard" benefits when it comes to long-term care insurance. So, be sure to always read the fine print on any policy. Generally, nursing home coverage pays for skilled custodial care. Some policies offer to pay for any care required, as long as all eligible requirements are met. Some companies pay for care in your home but only if care is provided by RNs, licensed practical nurses, or licensed rehabilitation therapists. However, most will not pay for home health aides.

Benefits are typically described in terms of the amount the carrier will pay per day for care in a nursing home and varies from $80 - $300. Check around for what nursing homes in your area are charging. Keep in mind, prices will increase by the time you need care.

Long-term care insurance allows you to choose the length of time you want to be covered. It ranges from one year to life. Obviously, the longer your coverage is for, the larger your premium will be.

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