Long-term care insurance

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Long-Term Care Insurance

Insurance that is purchased against the possibility that the beneficiary will require long-term medical care for a debilitating but non-life threatening condition. For example, one may require long-term care if one is involved in a car accident or has a non-terminal disease that does not allow the sufferer to live independently. Long-term care insurance is designed to pay for at least some of the medical expenses associated with this. These policies provide a per diem or monthly allowance for expenses, as well as an elimination period, a period of time after the illness is diagnosed or the accident occurs, but before the insurer begins coverage. Policies with a higher per diem and shorter elimination period come with higher premiums.

Long-term care insurance.

Long-term care insurance is a policy designed to cover at least some of your expenses if you have a chronic but not life-threatening illness, long-term disability, or you are unable to live independently because you can't perform a number of the activities of daily living.

Those activities typically include bathing, dressing, feeding yourself, taking medication, using the bathroom, and being able to move from a sitting to a standing position. Most contracts also cover cognitive impairments, such as Alzheimer's disease.

Under the terms of most long-term care contracts, you can be cared for in a nursing home or at home. The insurance pays for custodial rather than skilled care, which must be provided by licensed professionals. Skilled care is covered in part by Medicare and Medigap.

Every policy provides a specific daily or monthly benefit for up to a predetermined benefit period. Each policy also has an elimination period, which lasts from the day you become eligible until the day the insurer begins to pay. You generally can choose the benefit, benefit period, and elimination period that makes the most sense to you and that you can afford.

References in periodicals archive ?
Royal London has proposed a new long-term insurance care product that is to be funded using tax-free pay from a pension drawdown account.
For long-term insurance business, office premiums of new Individual Life business grew 7.
In a joint media statement released this week, the central bank and Namfisa said the operations of U-Care in the country are in contravention of both the Banking Institutions Act, 1998 as amended and the Long-term Insurance Act, 1998, as amended.
The boards are understood to be looking at bringing the businesses together through a merger of long-term insurance funds, with no money changing hands.
Authorizing tax free withdrawals from these accounts to cover the costs of long-term insurance premiums complies with the interest and goals of the state, and opens up an avenue of planning and affording long-term care insurance should one's monthly income not be sufficient to afford the premiums.
Activists also want a guarantee the landfill will close by 2016, instead of the estimated 2031 closure date, and that a long-term insurance plan is in place in case the landfill leaks in the future.
HOMES at risk of flooding will get long-term insurance thanks to a new deal.
If sales are ended, new customers needing long-term insurance coverage will effectively face premium hikes, because discount rates for premiums for policies with terms of 10 years or less are lower than those for existing policies with longer terms, they said.
Fees: Application and insurance registration fees: $2,015 (direct and reinsurance captive), $4,225 (general and long-term insurance captive).
many would reply: banking products, investments, 401ks or other retirement planning vehicles; perhaps college funding strategies or long-term insurance.
A That's pretty much what long-term insurance is: Insurance to protect your finances if your health should deteriorate in old age.
Enteen, director of health research and policy programs at the National MS Society, contains a new introduction covering the current trend towards managed care, an analysis of recent state-by-state improvements in health insurance options, an update on whether and how to buy long-term insurance, an article on pre-existing conditions and insurance, information on the ADA and employment insurance, and several new appendices.

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