Hollay Ghadery Last Updated On: August 1, 2023

Long Term Health Insurance Is For Long Term Care

This insurance product provides money to pay for long-term care. When people are younger it’s difficult to imagine a time when you’re not able to take care of all your needs. Long term health insurance coverage provides for that time. Whether you need nursing care or help bathing, dressing or taking your medications a long term health insurance policy will provide help paying those expenses.

Long Term Care Plans

You’re saving for your retirement, eligible for Social Security and you even have a pension, but with average monthly nursing home care at $7500 per month for a private room, assisted living at $4300 and in home care around $1750 per month it’s not too hard to see how quickly your retirement funds could be depleted. Long term health insurance plans can provide coverage to help cover those costs and not wipe out your savings. Long term care is expensive and surprisingly, affordable long term health insurance does exist.

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Table of Contents

Who Needs a Long Term Care Plan?

Consider this, you’ve always intended to remain in your home as long as you can because home is where all your memories and those of your family have been made. You saved for retirement and you had no intention of spending any of that for care if you become unable to care for yourself. If that sounds familiar, then you should seek long term health insurance quotes. Long term health insurance can help pay those expenses and allow you to stay in your home and protect your savings.

How Does Long Term Health Insurance Work?

Long term health/care insurance requires that you be certified by a qualified medical professional to be chronically ill and  in need of long term care services. Following that certification there is typically an elimination period, a time before benefits become available. Benefits are then paid to you as long as you are considered chronically ill and in need of care. Benefits cease after you have reached the limit you preset on the policy or until the period of coverage is reached.

Still Have Questions About Long Term Health/Care Insurance?

Dollar and time limits of policies are typically set by you or the insurance company  when you take out the policy and do impact the cost. There are certain preexisting conditions that will disqualify you from purchasing long term health insurance plans they can include:

  • the use of a walker
  • Certain cancers
  • AIDS
  • a recent stroke
  • Alzheimer
  • Parkinson’s disease

While many companies will deny coverage for the above conditions there are some that will write a policy which requires a waiting period before benefits are paid for that condition.

Remember that, unlike other types of health insurance, this is a use it or lose it policy. Premiums that you paid if you never use the benefits are not returned to you.,

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