| Long term insurance, more commonly long term care | | | | after the house and gets paid for it, then those |
| insurance, is an insurance policy that people take out | | | | costs may not be covered by long term care |
| to cover any costs that they might incur to live in | | | | insurance policies. |
| their old age. This could include costs of assisted living | | | | Any special adjustments that need to be done in the |
| homes or nursing homes or costs such as needing | | | | living place of the insured will be covered for, if these |
| special geriatric equipment. The insurance is a way to | | | | adjustments are needed to help the person with their |
| provide for these extremely high expenses, especially | | | | daily living activities. For example, fitting a mobility |
| at a time when the person is retired and out of any | | | | ramp or installing a walk-in bathtub are things that this |
| option of earning a regular income as in younger | | | | policies would cover. |
| days. | | | | Special equipment that needs to be bought in order |
| So, what does long term care insurance cover and | | | | to help these people with their daily living activities is |
| what does it not? Here are some points. | | | | also covered. A wheelchair, for example, will be |
| This type of insurance is basically sought to help | | | | covered. The same applies to walking sticks, certain |
| people with their daily living activities when they grow | | | | aids such as visual and auditory aids, etc., though not |
| older. There are 6 such activities defined by insurance | | | | all policies might provide coverage for all of these |
| companies. They suggest that if a person is not able | | | | things. |
| to carry out the 6 tasks of (i) eating (ii) using the | | | | There are certain geriatric requirements that these |
| bathroom (iii) wearing clothes (iv) movement (v) | | | | policies won't cover. The thing that needs to be |
| maintaining self-hygiene and (vi) being continent, then | | | | remembered here is that these policies are not health |
| any expenses that are incurred on these counts can | | | | policies. Hence, they are not meant to cover any |
| be covered by the long term insurance policies. | | | | medicinal or hospitalization costs. For these, the |
| If the individual needs special care and | | | | person would need to take out a health policy. The |
| accommodation, such as needing to be put into a | | | | long term care policy is only meant to help old people |
| special care home for the aged, then those expenses | | | | perform their daily living activities. Having said that, it |
| are covered by such policies. | | | | is important to mention that the coverage included in |
| Special nursing help that may need to be hired at the | | | | each policy can be different, depending on what is |
| residence of the person is also covered. This includes | | | | sought. Mutual solicitations between the insurance |
| nurses, attendants, servants, caretakers and the like. | | | | provider and the insured are possible. |
| The only important condition is that the person | | | | It is also important to know that all long term |
| employed must perform only those tasks that are | | | | insurance policies have an upper limit. They will pay |
| needed to assist the person with the daily living | | | | out a particular dollar value per day, and not above |
| activities mentioned above. For instance, if a servant | | | | that. Hence, the coverage provided by these policies |
| looks after the insured person but then also looks | | | | isn't unlimited. |