When in need of long-term care, it can be financially disastrous. The daily care required for a long term illness can be prohibitively expensive. The good news is that some of that burden can be lifted by the purchase of long-term care insurance.
This kind of coverage is meant to cover expenses for an individual who is in need of hospice care for an indefinite length of time (at least 90 days a year). This care is applicable to those who can no longer perform normal daily activities by themselves, like dressing, eating, using the bathroom, and bathing. Both hospice and assisted care programs are a part of this category.
Long-term care is often a necessity in dealing with the elderly. Caregivers often help with daily activities that the young and healthy might take for granted. Having a hospice professional is often the key for allowing the patient to remain at home while under care. This kind of insurance is not limited to just the elderly, however. Those who have a physical disability or mental deficiency are also covered under this form of insurance. Payment is made via monthly premiums to the insurance company. It in turn handles a good portion of the expense for the long-term care. Often this kind of coverage is non-taxable, which is an additional help to ones finances.
This kind of insurance also covers costs for assisted living, daycare for adults and nursing home care. Also covered is any out-of-pocket expenses incurred for such things as prescriptions, canes, needles, etc.
A long-term insurance policy can help you avoid financial disaster in the event of some kind of long term incapacitation or chronic illness. In your research, you are well advised to determine what level of premium you can afford and then ascertain the best kind of care that will be covered under that budget.