Long-term care insurance covers the cost of long-term care in certain types of care facilities, depending upon the policy. Policies may cover stays in licensed nursing facilities and home health care. Often, those persons with a sizable asset base may wish to purchase a policy to protect these assets.
Premiums for long-term care insurance are based on the age of the person at the time of purchase, the benefit amount, the benefit time period, elimination or deductible, and special options, such as spousal discounts.
Policies are sold by private insurance companies through agents, mail and various organizations. Another source is employers, who offer this coverage as a benefit to employees and their parents. An insurance company must be licensed in your state to sell long-term care insurance.
AUTHOR: Joan Yuhas McGowan
MORE INFO: Excerpted from "SENIOR HOUSING OPTIONS: Choosing a Home"
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