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Long Term Care Insurance

Insurance is quite a commonly heard word among people now-a-days. Be it rich or poor everyone needs an insurance to cater to their needs at some point of time. But do health insurance and medical insurance do have the features to cater to all our needs? Many times we have to face situations that call for long term care. Say for a person suffering from a physical disability or a genetic disorder. The answer is long term care insurance.

Long term care insurance provides for the cost of a life time of care; beyond a pre-determined time period. Long term care insurance covers all the needs not fulfilled by health or medical insurance.

It’s not only the old age which may require long term insurance. An incurable disease passed on through genes in the family will not be covered by any normal insurance. Imagine not being able to perform even daily activities like dressing, eating or even going to the bathroom.

The greatest merit which a long term insurance gives is that age is not a deterministic factor in getting long-term care insurance. Almost 60 percent of persons over the age of 65 require some type of long-term care services at a point of their lifetime. A patient of Alzheimer’s disease or Parkinson’s disease need not tell about the trouble he faces everyday in his life. A long term care insurance can totally take care of such situations.

The fact which makes long term care insurance a good deal is you need not rely on anyone for your needs. Parents feel uncomfortable to rely on their children during old age. Long term care insurance comes in really handy for self prestigious persons. It gives the freedom to keep a live-in caretaker, a housekeeper, a therapist or even a private duty nurse working 24 hours a day 7 days a week keeping care of all our comforts.

In the USA provide basically two types of long term care insurance in the form of tax qualified policy or non-tax qualified policy. The difference is that tax qualified long term care insurance covers persons with 2 or more basic inabilities while the non - tax qualified long term care insurance covers individuals incapable of performing any 1 basic activity say walking, eating or bathing.

Another benefit a long term care insurance has is that once an individual gets a policy the insurance company cannot change the rules or conditions mentioned prior to the agreement. So why wait for tomorrow and be a pain on someone else, why not just go and get yourself the desired care by getting a long-term care insurance.