When you think of long-term care coverage you may think of elderly, yourself, parents, or a spouse. Rarely do you think of children or teenagers. However, children and teenagers need long-term care coverage as much as anyone else. In certain cases, long-term care coverage can help children or teenagers who are later diagnosed with illnesses such as leukemia, accidental permanent injury, or serious injuries that lead to long-term care needs. If you are planning to build a long-term care coverage plan for children or teenagers, here are a few things to consider.
Anticipated Illness or Injury
When you are building a long-term care coverage plan for children or teens, you should take into consideration the anticipated illness or injury the child will have. For example, if your child or teenager is in sports, they could receive a severe brain injury, paralysis, or other injury related to the sport itself. The best thing to do is to research what type of incidents could occur to your child or teenager and determine the long-term care needed from that point. This will help you determine what kind of daily or monthly benefit is necessary in a long-term care option.
The current insurance that covers the child or teenager should be taken into consideration. Check with your current insurance provider to determine if long-term care is part of your child's insurance plan. In some cases the parents may not be covered under long-term care options but the children will be. This is something to check before purchasing another long-term care coverage plan that could coincide or cause a disadvantage or issue with the current care option.
Daily and Monthly Expenses
The daily and monthly expenses are important when considering a long term care plan regardless of who the long-term care coverage plan is for. However, when dealing with children and teenagers the likelihood is that you would want to have home health provided unless a facility is nearby. In most cases, you will want to do home health care which will have a much different daily and monthly expense benefits then a facility would have. In fact, facilities are much more expensive than a home health option and if the home health option is possible and you can receive long-term care insurance for that, then this is your best time to secure that option for your child or teenager.
Though no one wants to think of other children or teenagers having an illness or injury that would lead to long-term care, these things do happen. If you have the time and the money to cover long-term care insurance for your child or teenager, now is the time to do so. As the costs of long-term care insurance will increase in premium amount and may decrease in the amount that’s offered as part of the daily or monthly benefit expense. If you want to get the most coverage for your child, the earlier is the better option.