The world of insurance can be a confusing and intimidating place. There are many different types of insurance available on marketplaces or through employers. The basic types of insurance available, like life insurance or health insurance are pretty commonly known, while other types can be brand new to you. Perhaps your employer offers pet insurance, short term disability insurance, or even long term care insurance. Would you know what that is? Having a skilled and knowledgeable insurance broker is the best bet for navigating all of your options. In the meantime, read on for an overview of what long term care insurance can offer you.
What Is Long Term Care Insurance?
Just like most other types of insurance, long term care insurance is a policy that you pay for in case you ever need it. While you’re healthy and working you pay into the policy, and then if you ever need to use it, the policy pays you back or pays for what you need. When it’s car insurance, the policy pays for damages to your car; when it’s health insurance, the policy pays for your doctors’ visits. For long term care, the policy would cover any long term care expenses that you have. As with any insurance policy, the particulars of what type of care is covered, how long it is covered for, and the costs of the policy now will vary. It is always a good idea to have a reputable insurance broker work with you to make sure you understand what you’re paying for and what you can expect to get.
What Does Long Term Care Insurance Cover?
The exact type or types of long term care that your policy covers may vary between different insurers or policies, but in general, long term care insurance would cover care that needs to be delivered over many months or years, either in a facility or at home. Generally this applies to the obvious care that one might need, like hospice care at the end of life, but it can also apply to other types of care. Long term adult daycare, assisted living facilities, and home nursing services could all also be covered depending on the policy. Even respite care, which is when a person in need of care goes into an inpatient facility to allow family members to have a break from the caregiving for a few days and nights, can be covered by a long term care insurance policy. In most cases, this type of care is either not covered or not fully covered by other types of policies, like health insurance, so long term care insurance can be a good stopgap measure.
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Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.