If you are lucky enough to be entering your retirement golden years, then now is your time to fully enjoy all that life has to offer, not to mention the relaxation that was probably hard earned. Sometimes though, assistance may be needed if the time arrives in which you cannot solely attend to your basic living needs. The solution can be found in a long-term care policy that offers help for you in a time of need.
This kind of coverage provides for the payment of expenses incurred from long-term care, while also shielding your family from financial hits to their savings and investments. Should you or someone close to you need assistance in going about the daily life routine of tasks likes bathing, feeding and dressing, then this policy is perfect for those wishing to provide security to the entire family in knowing that loved ones are protected in their later years.
Long-term care adds up quickly and can end up being a huge expense. Few people have that kind of money available and Medicare is only intended for brief stays in nursing homes or, sometimes, in-home care. Unfortunately, the vast majority of employer-provided health coverage does not cover these kinds of services. Long-term insurance can fully protect you and keep you from potential financial destitution.
Most of this kind of coverage is standalone and comprehensive, providing many kinds of care options, including nursing homes, assisted living, in-home care and day care for adults. Policies often will help in the procurement of modifications for the home, like grab bars and ramps for wheelchairs.
Sometimes these policies are packaged with life insurance serving synergistically as rider. This means that if long-term care becomes necessary, this kind of arrangement allows for the payment of stipulated benefits instead of the life insurance and beneficiaries may also receive the death benefit. There is yet another variety in which a fixed annuity is included with care benefits.
The coverage amounts and limits of each of these policies are determined with each specific policy. It is, therefore, vital that one reads all the verbiage and fully becomes informed in order to best determine the most appropriate option.
It is important to keep in mind that some plans will stipulate that care and services are to be obtained from licensed and certified professionals while others will only cover the hiring of independent or non-licensed care-givers.