What it is
Long term care insurance is meant to take care of a person in his or her elderly years after it is impossible for that person to take care of him or herself. This kind of insurance is usually meant to relieve the rest of the family from the burden of having to care for an elderly parent or parents during the last few years of their lives.
Who it is for
Long term insurance is for every family with an elder or elders who will most likely need professional assistance in order to live from day to day. This condition can be brought about naturally by old age or by extenuating circumstances such as injury in combat or PTSD. Usually, long-term care insurance is paid into before there is an emergency, although some special agreements may be made for veterans and people with ongoing biological conditions.
How it works
This kind of insurance package begins to work when the individual who needs it is no longer able to function on a normal level from day to day. If there are extenuating circumstances that require professional assistance, long-term care insurance will pay for those services. There may also be new hardware required in the living space such as a wheelchair for elevators in the home. As long as the coverage is made to cover these kinds of expenses, it will do so.
Different types of coverage in existence
The many different kinds of long-term insurance that are in effect have to do with the specialized conditions of the people who are using the programs. There are special programs put into place for veterans; however, there are also many different kinds of programs for civilians as well.
The number one benefit of this kind of insurance is that it relieves the rest of the family of paying out-of-pocket for the rather expensive add-ons that are usually needed for the care of an elderly person in the family. This kind of insurance can also be used as a net positive asset.