Long-term care coverage is a necessity to some individuals and a possibility when “funds are available” for others. For individuals who have a family history of certain illnesses such as cancer or Alzheimer’s, the thought of having long-term care coverage is necessary. For others, who may have clean bills of health, the idea of long-term care coverage may seem like a wasted expense until the time comes they need it. If you or considering long-term care coverage here are some options available to you.
Private Insurance Add-On Coverage
Add-on coverage plans or additional coverage plans are available through most major medical insurance companies. These coverage options are for various degrees of long-term care needs. Depending on the type of insurance you choose and the deductible associated with that insurance choice, you may be able to arrive at a coverage option that covers the majority of any long-term care expense. This kind of coverage will cover medical visits, prescriptions, various treatments and possibly full or 85% coverage of assisted living communities which would offer services other solutions may not. There are certain rules and clauses to additional long-term coverage options that are dependent on the individuals health history and the insurance provider.
Stand Alone Coverage
Stand alone long-term care coverage is often associated with long-term care insurance. In the event of a chronic or long-term related injury or illness an individual can cash out a long-term care insurance plan to cover expenses associated with the illness. There are hundreds of companies that offer this type of coverage option and for every company there is a twist, clause, or difference in how it works. The best thing to do, if this option is being considered, is to contact someone directly or speak with an agent to determine the pros and cons associated with the coverage option and determine if that coverage is right for you.
Government Based Coverage Plans
Medicare and other social security related government based insurance coverage programs for long-term care options are available for eligible individuals. The plans cover a variety of services and may or may not cover full care options. US Government related websites such as Medicare.gov will be able to offer further detail on the programs, eligibility and possible deductions associated with the coverage. Disability coverage is also considered to fall under this particular type of health care plan.
How Much Coverage is the Right Amount?
Regardless of the coverage options that is chosen the choice for how much coverage will still remain a question. The best step to finding out what coverage amount is right for your needs is to examine the coverage costs for long-term care in your area. Determine the costs in the local city, county and state and consider all the long-term care options available in the area as well. This will help determine which coverage option and amount is best to start out with or move toward later.