Long Term Care Insurance
An ordinary health insurance policy generally will not pay for a long term care illnesses. Long term care insurance is purchased for the purpose of coverage during a long term or chronic illness or disability.
Services required during a long term illness can end up being very expensive. A federal or state health insurance policy will only pay for your care if you have spent down the majority of your assets. Long term care insurance does not require you to spend down your assets before going into effect.
When the long term care insurance does take effect will depend upon which waiting period or elimination period you selected. This elimination or waiting period is determined by you at the time you purchase the policy.
Some of the services typically covered under a long term care insurance plan can include: help with daily activities such as bathing, eating, dressing, cleaning.
With a long term care insurance plan you can either chose a policy that pays for only home care or only nursing home care or a combination of both home care and nursing home care. This is up to you and is chosen at the time you purchase the policy.
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