As people get older, their chances of facing a long illness increase. An illness, such as Alzheimer’s disease, can last for many years and may require long-term care. This can pose a huge burden on the sick person’s family. Long-term care insurance can make things easier for someone facing a long-term illness.
Long-term care insurance provides the policyholder with the means to pay for long-term care.
Care may include things such as nursing home care, care in an institution or help paying for a home health aide. A home health aide comes to a person’s home to assist them with daily activities.
An insurance company provides the long-term care policy. The policyholder purchases the policy just like with any other type of insurance. Some people have this type of policy as a part of their employee’s benefit package. Most of these policies pay for the same type of coverage, no matter where the policy comes from. The policy may cover care in-home so the policyholder does not need to enter into a nursing home or hospital. It may also cover care during the weekends, which can be more expensive.
The policy works like any other type of insurance policy. The policyholder makes monthly premium payments for the coverage. The insurance company keeps the policy active as long as the policyholder makes payments.