Buying Long Term Care Insurance

The cost of inpatient nursing home care can exceed $60,000 per year and long-term care expenses typically are not covered by Medicare or by private medical expense insurance. Many of us do not purchase long term care insurance due to our lack of knowledge about the benefits of this type of insurance and the cost of obtaining long term care insurance.What is Long Term Care InsuranceLong term care insurance is private insurance that pays for or offsets costs related to nursing home care and other types of inpatient and outpatient care facilities.Long term care coverage may not begin immediately upon entry to a nursing home or other facility. Rather, long term care coverage begins when one or more doctors deem an individual to be unable to perform two or three of the specified “activities of daily living” (for newer policies). The “activities of daily living” include dressing, eating, bathing, walking and toileting or maintaining continence. Older long term care policies require a period of prior hospitalization for the policy coverage to begin.Once long term coverage begins it generally pays all costs associated with nursing home or other care facilities, until the policy’s maximum benefit is exhausted.

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