Long term care insurance pays you a monthly payment for as long as you are receiving long term medical care.
Many people think of this as only relating to a nursing home, but there is much more to it.
Once a human gets past the age of eighty five, then there is a 40 percent chance that they will have to have some form of long term care.
This insurance can help protect your wealth and not eating into it.
You really have two choices when it comes down to it.
Those two choices are to either pay for it yourself, or get a good insurance.
There is one more option that most people overlook.
That option is the Medicaid System offered by the government.
This provides coverage for people over the age of 62, but it's really just for temporary care.
In order to receive Medicare coverage, you must first have spent 3 days in a hospital.
After that Medicare will cover up to 100 days while you are there.
If you go home, they most likely won't help after you leave the hospital.
So your best bet is to stay in the hospital.
Most policies and companies will make you wait a 30 to 100 day waiting period before they will start paying for you.
The benefit period will last for as long as you have deemed necessary when you select the policy.
The cost of the policy is determined by the amount of time you want coverage for.
The longer the policy, the more expensive the coverage.
Consult with a professional to help determine what option may be best for you.
You can choose from 2 different types of polices when it comes to receiving the money.
You can choose to receive a certain amount that they send you a check for each day or you can chose to have them pay for a certain amount each day.
Most people will choose the second just because they don't want to deal with paying people.
The first option allows you to have extra money if you so choose though.
If you receive $200 per day from insurance, and your expenses are $140 a day, then you keep the rest.
This can allow you to have a longer coverage if the money is managed correctly.