How is long-term insurance?

If a company owner provides a valuable benefit for his employees or uses it to cover an elderly parent, the Long-Term Care (LTC) insurance is intended to help pay for Extended Medical and Non-Medical Services otherwise out of your pocket. According to the US Association for Long-Term Care Insurance (AALTCI), 8 million Americans were covered with LTC in 2007 and $3.5 billion in long-term care claims paid.

Although some LTC insurance policies provide home-coverage coverage, some policies cover a variety of facilities, including adult day care, supportive living and formal or informal home-care. You and others, such as your partner, parent or child, will be paying LTC insurance policies. You will either pay a fixed sum or reimburse you for services rendered, depending on the policy.

I need it? Private Pflegeversicherung?

LTC insurance helps cover you, your loved one and your belongings, including house, health insurance and car insurance. When an elderly person gets sick and lacks insurance, he or she often has to pay for health care, which can be very expensive.

Given the emotional difficulties that occur when a loved one needs this sort of care, the last thing that you want to think about is also an important financial burden and LTC's insurance plans help you avoid this additional stress.

How does it vary from health and disability insurance?

Health and disability insurance do not, like long term care policies, cover you and your children. Currently, health insurance policies usually only cover 30 days of rehabilitation, while LTC insurance plans generally cover two or more years.

Although disability insurance covers for your pension in the event of an illness, it does not cover continuing healthcare. Medicare is even more restrictive and will reimburse you for just 28 days on average and up to 100 days.

How much? How much?

Prices vary based on your age and fitness, and the level of coverage you choose when you purchase the policy. While the cost of home care and care facilities varies from one country to the next, the Long Term Care Insurance Tree says the average annual cost of a health care home in 2010 was $80.850.

This is an significant expense to many families so that it is better planned. When you buy LTC insurance at an early age, it is a good decision that you are generally safer and are paying a lower premium. The AALTCI stated however that only 33% of all Americans eligible for this kind of insurance at 55 and younger age.

It is never easy to cope with a parent, spouse or child's illness, but long-term health insurance can help you and your family to protect them. Ask your licensed insurance provider for the right policy for the unique needs of your family.