Guide to Long Term Care Insurance And Types of Long Term Care Insurance

 Long Term Care Insurance – While it may not necessarily be something you want to think about right now, long term care planning is definitely something that needs to be done well in advance. Why? Because it’s extremely important to consider the possibility that there may come a day when you will no longer have the ability to take care of your own affairs.

So whether it’s for yourself or someone you love, now is the time to learn more about long term care information and how planning ahead can save you a lot of time and money in the future.

Guide to Long Term Care Insurance And Types of Long Term Care Insurance
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Types of Long Term Care Insurance

When you’re in the process of long term care planning, it helps to know what some of your options are when it comes to insurance policies. The following are some types of long term care insurance plans you may want to consider:

  • Skilled nursing care
  • Intermediate nursing care
  • Custodial nursing care

The skilled nursing care policy is a type of long term care plan that must be prescribed or ordered by a physician. It also requires the patient to be able to make a full recovery from his/her illness or injuries. In addition to providing nursing care, the skilled nursing care option also includes a treatment plan and skilled therapy with a certified therapist.

Another type of long term care insurance is intermediate nursing care and similar to skilled nursing care, it also requires a prescription from a physician as well the ability for the patient to recover fully from the illness or injuries he/she is suffering. However, the difference is that intermediate nursing care is not provided on a daily basis.

The actual amount of care is dependent on what treatment and therapy plan that the doctor orders for the patient. This type of long term care insurance essentially works on an as-needed basis in order for the patient to get better.

The custodial nursing option is an all-inclusive, full coverage insurance plan for long term care. It involves daily nursing care, such as assistance with walking, eating, bathing and other hygiene oriented tasks that are difficult for the patient to perform.

The best part about custodial nursing care is the fact that it can either be an in-home care plan, an assisted living care plan or a nursing home plan.

The amount of time that care is provided can range from a couple hours per week to 24 hours a day 7 days a week. You should also know that custodial nursing care is typically geared towards patients who are unlikely to recover from their illnesses or injuries.

The Right Time to Purchase Long Term Care Insurance

When it comes to long term care insurance, many people question when they should actually buy coverage. Unfortunately, that question is rather difficult to answer because even though some financial planners suggest waiting until you reach the age of 60, none of us really have the ability to accurately predict the future.

It can be said however, that those who start younger are usually at a greater advantage because they often end up paying the least amount in premium payments over their lifetime and have a larger selection of benefits to choose from.

However, it can also be a good idea to base your decision on your individual situation and not necessarily on your physical age. For example, some people may be ready for long term care insurance at the age 55-60 because they are still active and in good health, their children have graduated from college already and they have a limited amount to no debt at all left.

On the other hand, some people may reach this particular status at an earlier age, which ultimately boils down to the fact that the right age to buy long term care insurance really varies and is dependent on every individual’s personal situation.