Due to medical breakthroughs today’s seniors are living longer than ever  before.  As life spans increase so to do the odds of needing care you you grow older.   The majority of today’s citizens will need some form of care as they grow older.  The help that is delivered may be  in their own home, in an assisted living facility or at a nursing home. The cost of this care is huge and many find they are unable to pay for it.

This blog and website have discussed this situation in great detail, outlining the cavern that exists between what aging members of our society need and what government programs actually provide. There is no question that the best way to solve for this gap is with Long Term Health  Care Insurance.

Long term health care insurance is more complex than other polices as each works a little differently. Some may require that you pay for the first 90 days of care before coverage begins.  Other policies might waive your waiting period if the need is for in-home care.  Some LTHC policies pay  per day while others pay expenses up to a limited amount. There are companies, also, who have care coordinators so you don’t even have to deal with this.  (See the long term health care insurance guide for more info)

Anyone who wants this kind of insurance has to medically qualify.  Underwriters are concerned about current health problems,  illnesses and diseases that are likely to trigger your benefits; quite frankly they don’t care if you’re dying only if you’re alive in poor health.  Examples of this would be Osteoporosis and diabetes as they are both conditions that require care over the long haul.
There are many things to understand and to consider when choosing a long term health care insurance provider as is discussed in the consumer guide.  Many major companies (including household names) got into the business only to leave in a few years later.  Many young companies don’t have the experience to properly price policies and in that case the policy holder ends up holding the bag.  Never try to save a few dollars by going with a questionable company.  This  insurance pays back 10-100 times what it costs you. With care costs reaching the thousands of dollars per month it really pays to understand what you are getting before you get it.  Please consider reading the guide if you have more questions.