Long-term care insurance is a medical insurance policy that covers people who are not able to carry out basic activities such as walking, dressing, bathing, and getting out of bed mainly due to old age. This policy offers to cater for payments made in hospice care or the fee paid to nurses who come to cater for such patients. The use of this policy has benefits which will be focused on in this essay.
First, long-term care insurance offers freedom and a chance to avoid burdening relatives and friends as they take care of one`s needs during ageing (Americas Health plans, 2014). It allows one to live an independent life, one which does not require them rely on relatives or friends to pay for hospice care or other expenses that occur due to old age. By paying the premiums for long-term care, the company offers to pay for the help that one needs either at home or in nursing homes. It pays for the nurses who attend to the client and any other medical assistance that the individual may require. This reduces the chances that a person will need to seek other forms of financial assisting in their old age.
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In addition to this, long-term care insurance protects an individual`s assets by catering for the economic needs that an individual needs in their old age. This prevents one from selling their assets to cater for such needs since they are not capable of working to earn more money. For as long as premiums of this policy are met, the plan caters for the hospice bills, nurses, hospital bills among other costs that may be incurred when a patient is being treated. This totally protects the assets that an individual owns.
The policy offers a significant cost benefit for those who apply for it (Redja, 2015). By comparing the savings that one can accumulate from 55 years to 65 years and the cost of paying premiums for a long-term care policy, the policy appears to be very beneficial. It can cater for about three years of care while saving caters for several month. The insurance policy has considerations for couples that pay for the policy. The policy does this by reducing the average cost that a couple pays considered to the cost one would pay as an individual. This serves as a method to encourage people to book for this policy.
A long-term care insurance policy is an excellent way to cater for the aged or those who cannot do primary activities without causing a lot of burden to those who care for them. It is, therefore, recommended for any parties that may be approaching old age, since it is likely to guarantee them a lifetime of happiness.
References
Americas Health plans. (2014). Benefits of Long-term care insurance and what they mean for Long-term care financing [Ebook] (pp. 6-14).
Rejda, G. E. (2015). Social insurance and economic security . Routledge.
