What is long term care insurance? This is an insurance that will provide you protection above and beyond the typical coverage that you may have with your private insurance, Medicare, or Medicaid. This type of insurance will give you the peace of mind that if you may need when your other type of insurance will not cover. This is typically used for assisted living, adult daycare, hospice care, or a nursing home. Perhaps you may need a live-in caregiver, housekeeper or private nurse. Traditional insurance may not cover this type of expense that is needed. It is also possible that your premiums for long term care insurance may be as a tax deduction. You will want to consult your accountant or tax consultant to be certain.
With the many uncertainties that may occur during life it is vital to have a type of coverage that will assist in providing for the essentials in health care as well as some basic assistant that may be needed.
Certain long term insurance may reimburse you for the costs that are incurred, while others may pay directly to the provided of the services rendered. It will be important to research the type of coverage that may be best for you. Out of pocket expenses can provide a financial burden at certain times while waiting for a direct payment from your insurance. Direct payments to a provider that are made can give you the peace of mind that you will need when you need it most.